Commons will most likely end up with 20% of the reorganized WMI stock (in generality). The NOL's are the value here, the ordinary loss of WMB added in will put the value in Tax Benefits to the acquirer in a large position. WMMRC will be auctioned off to give EC enough funds to cover H's. Then they control the estate, future disbursements, cram downs, billings, etc...
Now as part of the Absolute Priority Rule, a creditor is not allowed to receive more than they are entitled too and that is where the Mollasses for the preferreds will get very sticky, therefore acquisition "redemption/exchange" language (for WAMPQ) will be "inserted" to insure priority rule compliance and further compensate commons in appreciation of value.
However as per contract K's will be only receive what they are entitled too as per the EOC language. (no commons in new WMI)
Stay Tuned! This is how I see it.
~Don~