TLP Payment plan:
The MMP Plan provides for payment in full (with interest) to Creditors holding Allowed
Claims, over a period of five years (subject to further extension upon Bankruptcy Court
approval). Distributions to most Creditors will occur quarterly, beginning one calendar
quarter after January 1, 2015, the “Effective Date” under the MMP Plan.
While TPL’s share of MMP revenue is approximately 26% that number drops below 10% historically
after taking into account all PDS payables. In order for a trustee to pay TPL creditors in full
from MMP alone and assuming that the estimated share to TPL is accurate over time, the MMP
portfolio would have to generate approximately 2.7 times the revenue TPL currently believes
the MMP Portfolio will produce within the next six years. While TPL’s estimates may be
conservative for MMP revenue in its forecast, TPL does not believe almost three times that
amount is realistic.
TPL has listed in its June 2014 operating report a value for its assets of $2,457,416
TPL lists in it’s June 2014 Operating report secured claims of $10,728,180, priority
unsecured claims of $9,026,825 and general unsecured claims of $50,014,917. Total
liabilities for TPL are $72,849,138 as of June, 2014.The MMP Plan provides for full
payment of such of those liabilities as are advanced by non-TPL insiders.
Totals
Priority Amount $118,000
Secured Amount $6,055,531
Claimed Amount $72,287,604
Expected Amount $36,045,398
I need to do math based on all of this information but we should be able to find out
what is the revenue expected from MPP over the next 6 years.
