CWG, Piers was a Hybrid which means part-Creditor and part-Equity by design. Remember in previous failed PORs, Piers was set to be last in Tranche Four and being part-Creditor and part-Equity, this meant that after the planned cancellation of ALL preferred and common Equity, the Piers would have received all the spoils we are now looking for.
The Piers were capped as their penalty for getting caught with Insider Trading AND then Preferred and Common Equity were place LAST in Tranch Six by design to receive all spoils after the last Creditor (Piers) has been paid.
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