The issue was never that they were worthless, it's that the former rights in terms of APR for Pref's and Commons no longer apply re any legacy distributions. The only rights that survive are those granted in the POR, as in 75/25. That's where the underlying disagreement is and most times it's not mentioned specifically so most are unaware what's actually being disputed.
Re: For all then..... why are we all still arguing this point? The evidence of cancel or not is mute because those paragraphs mean nothing as I see it. The paragraphs are always cited but the underlying value is third partied.
It is wrongly stated by the Experienced that Preferred still has the right to their face value and dividend as well as getting payment according to the waterfall and Commons will own the rest of the Estate.
Those things are awfully wrong and defy all intelligence and logic.
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