I believe that TPS would win the liquidating trust issue because that is being observed through out the waterfall from seniors all the way down to the creditors up until it hit equity where it is split with TPS/P/K Dimeq/$54 million sub claim/old commons. ... but it could also boil down to "consent".
The 70/30 split is unknown and can only be swayed by vote or depending on how the Judge's mood is, however, you bring up valid points on whether the settlement included on voting "yes" or "no" by the SNH to the plan.
All we know is TPS's vote, heavy prefferds holder's vote and heavy common holder's vote.
Heck, the smart commons who are aware of reality would sell and take a loss and buy higher tiered securities if they want to make "more" recovery. It is a no brainer with DIMEq, $54 sub claim coming to dilute commons and reduce the float of 30% to oblivion.
Nothing to lose, but all to gain.
imo
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