Pickstocks, back when our Judge MW stated her colorful claims against the large hedge funds that wrote much of the POR and owned most of class 16 and wanted the waterfall to end with only them. - It was clear to me and maybe others watching the market that after the "piers" class 16 was caped. I saw a very large sell out of those class 16 and large buys in all equity's preferred and common.
That movement told me they - those Hedge funds knew the waterfall was going to the Equity groups. I followed their movement. Yes, IMO the waterfall will someday come to us.
I do not think the hedgefunds had any securities after they switched out to buy the debt......after the bk....whicb also was colorful and should have gone to the SEC instead a walrat.......those guys along with rosencrap would be wearing orage jumpsuits.....
Hedgefunds only bought the debt.....no securities they should have had.......may Bonds......