IMHO, there is another way to do it.
As escrow holders, we are the legitimate claimants. Therefore, we'll get whatever our claims which are equal to 1 x par plus accrued interests for preferreds, and prorated amount for common.
After WMILT settles our claim, the rest of a huge amount of $$ will be returned to wmhi as the original claimants. Bc we also have the stocks for wmhi, it may be worth around $10/share right way.