I briefly looked at the KMart BK reference you made and found one article on where they cancelled commons. The statement made by a BK lawyer (don't think he was involved) was that they did it to make the creditors whole.
There are several unresolved issues here in WAMU that will affect the A/L but if they go in WAMU favor, there is more than enough assets (and that's almost all cash) to make the bondholders/creditors whole and even pay the WAMPQs. KMart may not have had enough liquidity with their reorganization.
Also ... there is a LONG list of subsidiaries who's value on the A/L is posted at "book value". Who knows what additional value to assets that could be if the court has the lawyers post them at "market".
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