Split T, If Alice prevails as she should according to law and the filings, it is possible the UWs could be moved to class 22 which is commons. While I believe since they were caught trying to illegally dilute preferred, the UWs should be zeroed out but I highly doubt that happens.
The other possibility for the middle ground would be to move them to class 18 with a capped claim but I highly doubt this happens as well so it is my guess the UWs will be moved to class 22.
While that may be upsetting to some, it would be perfectly legal according to Amended POR 7 signed by the court on 2/23/2012.
Yes, as Mordicai has implied and/or said, this will be contested but all this would do is delay anywhere from 2 to an additional 6 months with ZERO chance of prevailing as this is covered very clearly by Amended POR 7. It says Preferred can under no circumstances be diluted or are not elastic where commons can be diluted and ARE elastic. There is zero chance to prevail here.
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