The key words in the DS regarding treatment of the PIERS is 'maximum possible'. If their going to tell you the max they need to tell you the minimum possible as well. And they did that...but they did it in the most confusing way possible (and I think that was intentional...there was no reason to say it with such legal heiroglyphics imo).
On page 47 it states that assuming an effective date of February 29, 2012 the maximum possible recovery for holders of Allowed PIERS claims is approximately $250,000,000. To do the math divide $250MM by 23M and you get $10.86.
Yet earlier on page 45 it states piers are getting 9% of the initial claim of $789M. Which would be 9% x $789M = $74M divide that by 23M and you get $3.22.
So what the DS is indicating is a minimum and a maximum recovery range. $10.86 is as good as it gets and $3.22 is as bad as it gets. Make sense? And the actual recovery will fall somewhere inbetween those two numbers...PROVIDING it's all effective by Feb. 29th, 2012.
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