I didn't see much of a bombshell in it. The info has been discussed before. Commons are the highest risk/reward, always have been. Absolute priority has always been on the table. And the recovery for commons is largely about the District Court issues, stayed.
It's been no secret that the POR/GSA abandons the District Court actions. So if the POR/GSA is approved, then much of the "how wamu got taken down" issues, where commons get their recovery, also goes away.
And, as someone posted today, "the road to commons recovery is through the preferreds" -- this has always been true as well. If the POR/GSA can't survive, though, in the process of preferreds getting 'paid' -- then all blows up ... (Eg, the POR, as written today, assumes preferreds {as first-in-line equity} are out-of-the-money -- if that significantly changes, then the POR can't survive because it doesn't represent the revised reality}
Quoting another poster, f.c from Y! - "Commons are, IMO, strictly a bet for or against our judicial system. You can run numbers all day long for any number of permutations of outcomes, and it won't amount to squat if the system doesn't function appropriately. -- F"
And right now, if the POR is approved, we all know it says Preferreds 0-1% via the Liquidating Trust, and Commons=0... so her statements about "if the POR is confirmed" are also well known facts.
...Catz
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