Thursday, December 29, 2011 8:00:04 PM
Permission of the original author was given to toss this here for discussion and thought...
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{NOT MY POST -- just the messenger :) }
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Reading yesterday's filing "Motion of Debtors for an Order Pursuant to Section 105(a) of the Bankruptcy Code and Bankruptcy Rule 9019, Approving Stipulation and Agreement by and Among the Debtors and the G&E Group" (#9279) I was wondering just how many WMB bondholder representatives are proposed for the Liquidating Trust Advisory Board (TAB), so I sent an email to EC Chair Willingham and just received a response. The answer, as you can see below, is that there is proposed to be one WMB Bondholder-related appointee from the EC side, Joel Klein (already known from the DS).
My query:
Willingham's response:
But... why should WMB Bondholders have a seat on the TAB, especially an EC slot? I didn't ask that question so I don't know for sure, but I'm guessing that it is related to yesterday's filing, which is a stipulated settlement of the WMB Bondholder claims for $15M (from proof of claim in the multiple $100Ms). Those claims would be placed into allowed subordinated claims, class 18. That class appears to be fully impaired, so would receive only Liquidating Trust interests as a distribution and would certainly want representation on the TAB. Why an EC slot though? I can only guess that this may be the result of the compromises that led to the proposed settlement of the claim, filed yesterday.
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The above was the total context of the approved post to bring here, courtesy of the GB.
Again, I did not write it nor do the leg work involved. Just bringing it here.
...Catz
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