I just used round numbers. 60mil divided by the outstanding. I've not calculated what other claims might be ahead of commons which are last in line however there was enough to satisfy debtors, and customer accounts as settled and ordered by the courts at the time of symbol deletion from trading. Obviously the first money will go toward legal fees, then preferred stakeholders, and finally commons.
What is exciting is this is just a small residual recovery, and there will be more. The liquidation is scheduled over a 5 year period while the European Investment of 6.2bil is recovering.
Now that the debts are settled, and overhead of operations have been pared down to miniscule, there is a chance for monster recovery over time. Imagine turning a profit on the 6.2bil that was written down as a loss... Then we're talking dollars per common share after preferred and legal expenses are satisfied.
Currently, Corzine and friends are attempting to have their case dismissed however they underestimate the legal Acumen of the former FBI director in hot pursuit of justice. IMO, they should beg for mercy as these continued legal shenanigans will eventually bury them alive. There have been no criminal charges... yet!
Sail Bay
Come on in... The Waters Fine! :)
