if WMI only has NOL, then common has less chance since it's a soft assets. Most likely, NOL will carry forward. Then WMI may merge with someone who don't want to see old common and pref. existed. The new company will have new stocks....
If WMI has hard assets, common has chance as well as prefs, such as Motor Lidquidation company(GM's old commons), Corning...etc. Just my personal wide guess could be wrong.
The only guarantee is selltment w/FDIC. If we could not prove any wrongdoing, then we're in trouble. Judge will let debtors leading the DS/POR.
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