luther, excellent post and thought process in general. I have discussed very close these same "end results" to yours and I believe this post will be very accurate in terms of how the waterfall flows. Not so much the exact percentages that you discuss but the foundation. Unfortunately, we will not be happy but if we come out without commons cancelled, ownership in the CONTINUED organization and to be able to sue third entities (billions here) we will do fine as the REAL assets will start rising to the top within 10-20 months of chapter 11 exit, KMART STYLE!!!