Re: Essentially that involves returning to APR (Absolute Priority Rule) which was clearly disbanded with the agreed to POR. From WMI's (the Debtor) pov, Certificates and ALL documents pertaining to Commons and Prefs are as they stated,.."Cancelled And Of No Force And Effect".
Hotmeat, you explained it well. The old stock has to be extinguished because otherwise Preferred and Common will follow the Priority Rule and Common will get nothing until Preferred is paid and it will cap at $1000/share for P.
People also mistaken that because POR 7 does not spell out the money that will be paid to escrow/LTI that we will get nothing. That is not true because equity simply gets what is left in the Estate after creditors and bondholders are paid, and that cannot be spelled out at POR 7 time because nobody knew the exact amount.
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