Ques..."Hm simple question for you do you believed that preferred shareholder is the estate owner of the original bankrupt company yes or no?
Ans...Yes. The estate did not have PROVABLE assets to fully satisfy Prefs so by APR commons would have been cancelled and Prefs would have inherited the estate. Since both Prefs and commons (not TPS) were represented by the EC the 75/25 split was AGREED to so commons would survive and share in the estate spoils. APR was removed therefore it cannot be reconstituted now after the fact.
PG 21 of the POR7:
1.170 Preferred Equity Interest: An Equity Interest represented by an issued and outstanding share of preferred stock of WMI prior to or on the Petition Date, including, without limitation, those certain (i) Series K Perpetual Non-Cumulative Floating Rate Preferred Stock, (ii) Series R Non-Cumulative Perpetual Convertible Preferred Stock, and (iii) the REIT Series (aka TPS).
PG 39 of POR7
ARTICLE IV: CLASSIFICATION OF CLAIMS AND EQUITY INTERESTS
4.16 Class 16 PIERS Claims
4.17 Class 17A WMB Senior Notes Claims
Class 17B WMB Subordinated Notes Claims
4.18 Class 18 Subordinated Claims
4.19 Class 19 Preferred Equity Interests
4.20 Class 20 Intentionally Left Blank
4.21 Class 21 Dime Warrants
4.22 Class 22 Common Equity Interests
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