I think a better argument is this. Why haven't the wmb senior note holders complained/sued about the fdic jpm db settlement? Given the 2 billion or so assets in the receivership per fdic reporting, it appears that the fdic settled with money otherwise earmarked for those noteholders. Seems getting cut 50 percent of their recovery would have brought on at least some type of review as to the legitimacy of the settled amounts unless more assets are lurking in the background.
Companies are now restricted to 18 months in bankruptcy although this does not change your expected returns. You would just earn less if you got paid now.
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