I think if u dont mind the wait wulf is being upfront with who he owes. Most are not rushing to lend mainly because you are on the backburner for what could be 5-10 months.. but I do believe in the end wulf will pay all his debts, so in that case if the pts are of no use to u and u both agree on a fair amount, then its just a waiting game. The most important thing is if he loses this last gamble (of the 400 or so once he pays the small debts) he will have to stick with the plan already given to him by this agreement and others like suman before it. So if he agrees to that and you dont mind waiting, then its ur option to lend knowing that.
I believe wulf is saying he will pay u last but in reality 80% interest would accommodate that. Is it a risk to lend to him, sure, but only because of the time factor at this point... as far as I know he knows he has obligation to pay so as long as you are fine being at end of the pay scale, all should be fair enough.
GL guys in whatever u decide.
-stash