In theory yes. WAHUQ as a trust preferred is behind creditors but ahead of preferreds. As a waterfall in a normal BK the senior would have to get paid in full before the next class.
I believe that there is atleast one other class between WAHUQ and the P&K class which is REIT holders but I am not sure of the size of that group as as a retail holder I have no way to play that class.
However, a fun way to look at today is that the prior POR stated that the payout would be expected to be around 57% IIRC.
Yesterday:
57% x $34 = $19.38/share (which ties to the value range from $14-$17) since the last POR was issued less a discount for TVM and illiquidity.
57% x 23,000,000 shares x $34 = $445M value of the class.
After Today
$4.08 x 23,000,000 shares = $93.8M or a loss of $350M. Based on a no other changes and using a burn rate of $30M/month that would be 10 months before resolution from the date of the last POR that had the date of June 30 or July 31st IIRC.
The market is effectively saying this will continue to run until April 2012 and that means no returns for Preferred and commons as they are junior to WAHUQ outside of mediation where they could be thrown a bone to close the estate. All of this is my opinion.
Others could confirm.
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