Thinking about this pisses me off about the Trustee for the PIERS.
I sent a couple of emails to counsel for the trustee. Pointed out a strategy to remove the FJR subordination issue from the POR. Needless to say, I didn't get a reply. Fearing this outcome, I sold my PIERS about a week and a half ago. If you want competent representation, you need someone with pecans in the sack.
Your PIERS Trustee is incompetent. They could have blocked confirmation, but chose to rollover.