David: Equity is not considered creditors, we are owners of the company (only after all the debts are paid off down to us). Bondholders/Noteholders and claimants are creditors. WAHUQ is kind of like a secured bond. WAMPK is a preferred trust stock that can be converted to commons. WAMKQ is a preferred trust that can not be converted. WAMUQ are the owners only after the debts are settled and paid in full. If the creditors are satisfied in full they have to accept the "cramdown" methodology and will not have a voice in the reorganization proceedings.
I think the UST knows there is going to be enough money to pay off debts and wants Equity at the reorg table. This is why it is important we get a voice at the table and mic in that room. The UST has recieved so many letters from all over the world, from everyday retail investors whose pensions are wrapped up in this, they are now broke and can not pay their bills. Their kids college tuition monies have been stolen. Their retirements are wiped out and they are now greeters at the Wal-Mart.. Get it?
He is working in conjuntion with DOJ on other issues and should have a feel for how this went down and is not going to let equity get shafted again. IMO
~Fish~
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