What has happened is a disaster for Wamu, since their plan of reorganization depends in large part upon their credibility, which now lies in tatters. It's great for everyone who believes there's more assets than liabilities, or who is otherwise "out of the money" (like the DIME LTWs). Obviously, creditors who were going to be paid out at 100% plus interest should be somewhat dismayed, because the process will likely last longer now, unless the LTW class filing is disregarded or wrong, or the court choses to ignore it. But in the end, those creditors will mostly get paid anyway.
I for one can't imagine that the court will not ring Wamu's clock for this (more accurately, Weil Gottschal), but I can't guarantee anything.
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