Dmdmd2020...PERFECT explanation! Your response regarding the people who KNOW how this game is played (since they did similar underwriting) pretty much had an OPTION of where they wanted their returns to come from.
AND the BIG MONEY PLAYERS (the underwriters) that know took Class 19 which are the former preferred and NO THEY DID NOT want their returns from common shares or Class 22
Aren't classes 19 and 22 all the same now? Granted the underwriters want to be in tranche 6 instead of 5 because they know that they will be paid. But classes 19 and 22 are the same as far as priority to be paid. Class 19 2will get more of the share of the money but the underwriters will be paid with a fixed amount.
Dmd, it started out as a creditor claim and not equity. So I would imagine the estate in granting class 19 escrow would give them a return sufficient for a creditor...so multiple returns of 3x or more would seem unreasonable for a creditor claim.
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