Yeahhhhh baby yeahhhhhh!!!!!!
The LTI has about $400M in assets. But $180M is locked into allowed claims account which is assumed that 100% will be paid out. So there is only $240M left (of which $130M is WMMRC loans). That $240M is not enough to pay PEIRS in whole so they are projected to only get $7/$10. But their claim is still for $10.70 there is just only $7 of immediate value at the time the statement was sent.
Well there was $35M of senior and junior notes as of March that had not signed releases. If they didn't by month's end then they lose all that money which goes to paying lower classes like the PIERS. No one has said yet how many signed. So that raises the amount in the pot by whatever of that $35M did not sign. Plus as the $180M of allowed claims are either allowed or expunged that frees up more money to go into the pot, money not previously counted at $7. Plus the WMMRC is paying about $12M in interest a year that is not accounted for. I think the new amount you are seeing represents what was freed up from a combination of no releases in March, interest paid, and allowed claims that have been resolved.
Considering that there was originally $700M in allowed claims and only a small fraction has been paid out so far and what is remaining is now down to $180M there's a good chance a lot of that will continue to stream down to the PEIRS, hopefully paying them off before the WMMRC loans which will take 5 years at least to unwind (though @ 13% interest is really nice). Once PEIRS are paid off in whole then everything remaining goes into class 18..
Class 18 is owned by WMB at $15M and then MARTA can take another spin at the wheel of litigation. If any money survives that gauntlet then class 19 gets something. If MARTA takes $0, expect about 1-3% recovery for preferred.