The THEORY, not mine, is that the UW's because they were responsible for underwriting most or all of WAMU's MBS's, had inside info that WMI retained valuable interests in those MBS's.
It's suggested that they used this info to as leverage in their negotiations with the LT to get their lower classed claim.
They did this knowing that their Class 18 was only $24M and would likely be paid less because of limited assets for that class whereas when the Bk was closed Safe Harbor assets would be released and their lower Class 19 claim would be paid in full and possibly more than $72M.
The assets the UW's supposedly know about represent returns from all sources, that's why they wanted their Equity claim allowed over their Creditor claim.
That's the theory but IMO the more likely scenario was that they knew that case precedent was against their claims and as such they chose to not spend years litigating only to end up receiving nothing.
The LT likely flatly refused to allow their Class 18 claim and that's why they settled for the Class 19 claim and received 1.4M WMIH shares.
I hope I'm wrong and the former is actually correct!!!!!!!!!!!!!
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