Yes it was a mistake, or likely a gamble. You argument is based upon the assumption that the underwriters infallible -- they have never lost any money ever and never do so any time in the future.
Alice’s purpose was to throw Plan 7 into chaos for JPM. AG had no standing to renegotiate the Plan and make offers to shuffle the classes. UW/Debtor didn’t want to renegotiate the Plan. Just that simple!
75/25% pertains to the $20.7 Billion from the February MOR as Retained Earnings. The money came from the 363 Sales all well accounted for in the Plan 6&7 DS. The Equity Community/Debtor placed the money in Treasury Notes to satisfy the Class 19 claim against the Estate allowing Class 22 Ownership of the Estate. RE Now worth ~$25 billion. Yes, ~2.5X to Class 19. P’s get another ~2.1X from the accumulation of Preferred Funding.
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