Honestly all I could do is speculate as to what percentage the bondholders would give up. Maybe they wanted everything over before the NOLs appeared on the MOR, and JPM and FDIC held them up...Maybe they made a backroom deal with JPM and FDIC - a quid-pro-quo. I don't really know. I doubt they care one bit about the preds. But I don't think there is some sinister scheme that hasn't been uncovered yet.
Stupid question: one thing that confused me, was that I was under the impression that when a>l, equity takes over. Well, under the current POR, the prefs might get up to 20% recovery, meaning debts are paid in full. Wouldn't that put the equity in the driver's seat?
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