WWT and W3, the reason the cap was taken off of preferred was in the event that there was only 5 billion coming back, the former WaMu common would be able to share in some of this.
Otherwise, former WaMu common shares would have been zeroed out because former WaMu preferred would have had to receive full face plus interest before common received anything thus zeroing them.
This was a huge obstacle for the court to overcome, but in rare cases if the Judge thinks common will receive monies, then the Absolute Priority Rule (ABS) can be changed to accommodate and that is what happened in this case.
Keep in mind, the APR was very challenging to overcome and it took the court quite a while to overcome which also proved to some of us there was an absolute huge windfall coming to Equity via our BELOVED Escrow Shares.
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