No, the equity claim does not exist until there is a negotiated claim brought to the creditors committee. Without this, the creditors committee will have the option of allowing only a portion of or none of the claim filed by the AFA. If there is no negotiated claim, the AFA claim will likely be disregarded entirely since they weren't willing participants in the process. The AFA can strike, but that won't be until after the creditors committee has already approved all claim amounts and the process is complete. If the FAs don't have a claim negotiated in 30 days, which is when the POR will be voted on, then they will more than likely not have any equity stake when NWA emerges. It's a simple as that.