I suggest you go back and review the POR for WMI which says that Class 17 - Subordinate Claims - cannot receive any payments until all other Claims are paid in full.
It is only logical that a POR is going to list the Classes in numerical order of priority of payouts.
If Class 3 did not exist and there was no subordinate prospectus/guarantee then Class 5 would be equal to Class 4.
However - it appears that under "SUBORDINATION" in the Bankruptcy Code that Subordinate Claims are also subordinate to Claims that are senior to and equal to the Claim and that is why Class 4 is ahead of Class 5 for distributions.
TITLE 11 > CHAPTER 5 > SUBCHAPTER I > § 510
§ 510. Subordination
(a) A subordination agreement is enforceable in a case under this title to the same extent that
such agreement is enforceable under applicable nonbankruptcy law.
(b) For the purpose of distribution under this title, a claim arising from rescission of a purchase or
sale of a security of the debtor or of an affiliate of the debtor, for damages arising from the
purchase or sale of such a security, or for reimbursement or contribution allowed under section
502 on account of such a claim, shall be subordinated to all claims or interests that are senior to
or equal the claim or interest represented by such security, except that if such security is common
stock, such claim has the same priority as common stock.
(c) Notwithstanding subsections (a) and (b) of this section, after notice and a hearing, the court
may—
(1) under principles of equitable subordination, subordinate for purposes of distribution all or part
of an allowed claim to all or part of another allowed claim or all or part of an allowed interest to
all or part of another allowed interest; or
(2) order that any lien securing such a subordinated claim be transferred to the estate.
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