I'll tell you what I do believe.
Preferreds come first but are CAPPED. Whatever is left resorts to commons.
I believe we are past the LT and into a situation where normal precedence is still the rule. Inside the LT, there was the 75/25 rule and all kinds of arguments. That applied to the initial distribution of COOP shares.
If the BK remote assets exist (I believe they do) and if they have not already been folded into COOP (I believe they haven't), then Preferreds (Ps & Ks) are first but capped and commons (Us) are whatever is left over.
Your rhetorical question about negotiating themselves out of the money has no relevance (IMO) because that had to do with BK and LT and 75/25. The BK Remote Assets were not affected by those negotiations ONCE THEY FAILED TO ERADICATE COMMONS.
Furthermore, whether the WAMUQ commons have more value in total than the PQs and KQs is a function of how big the pie is. If the pie is twice as big as what PQs and KQs are due, then yes the WAMUQs will be worth more. If not, then they won't. Simple. Straightforward. Totally useless because we can't see the books clearly. (AZ probably knows more about that than most of the accountants who worked for WAMU.)
To All: don't bother snarking at me ... I'm going to bed.
Have a good night and dream that the falling off the cliff of the PPS today has something to do with news that has leaked and is about to become public.
Wouldn't that be lovely?
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