Ah, now that makes sense and under such a scenario, I can see what you are saying. However, you are wrong about one thing: the distribution does pass Class 16. Money goes to Class 17 as part of the settlement agreement. So I question if Class 16 can legally give WMI2 to an equity class such that it bypasses one group of lower debt (Class 18), yet doesn't bypass another group--WMB subordinated claims at Class 17, which is being given money under settlement terms. My hunch is that if the judge does rule DIME as Class 18, Art Steinberg will present a similar argument in his appeal.
Anyway, might as well wait and see at this point.
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