Since you are good at math (I am not): 5% max possible for creditors to participate in NEW WMI.
The question: Which is cheaper for them? Take the 5% participation or do NOT take the participation and go into the market and purchase shares up to the max 5% (or 4.xx%) for P and commons, and no max on K?
Keep in mind since DS is released and mediation (I assume is over other than POR verbiage), everyone can freely trade/accumulate/sell, etc.
If it is takes too much research, don't bother, since I do not want you to go through the trouble. Off the top of my head, I believe is is cheaper to buy open market.
imo
