The Great Atlantic & Pacific Tea Co. 9.375% QUIBS (GAP.GI)

[56Chevy]

On or about December 12, 2010, the Holders retained Stroock as their counsel. The Holders have advised Stroock that, as of Aug. 9, 2011, the Holders collectively hold, or manage funds or accounts that collectively hold, approximately (a) 81% ofthe outstanding principal amount of the 5.125% Convertible Senior Notes, (b) 80% of the outstanding principal amount of the 6.75% Convertible Senior Notes, and (c) 15% of the outstanding principal amount of the 9 3/8% QIBs.

I realise that these purchases weren't about buying "debt"...it was about buying VOTES.

So the question is - Did they buy enough "votes"? They're going to have to come up with alot more than a $40MM pool if they didn't. This plan with the bullet proof protection of exclusivity will end up delaying this companies recovery and prolong the burn rate. Who thinks that's a good idea! (I mean other than the lawyers).

This is round 1...round 2 won't start until 2012. BK's are always like watching turtles fight!