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• JCP - Notice o....
The ANMAP for fiscal year 2022 was approximately $289,660,000. The FY22 Earnout Base is calculated by subtracting the ANMAP for fiscal year 2021 from the ANMAP for fiscal year 2022.
Thus, the FY22 Earnout Base equals approximately negative $5,770,000
[$289,660,000 - $295,440,000]. The FY22 Earnout is calculated at 20% of the FY22 Earnout
Case 20-20184 Document 1245 Filed in TXSB on 11/17/23 Page 8 of 19
Base, which means the FY22 Earnout is approximately negative $1,150,000. Pursuant to section 4(d) of the Earnout Agreement, the FY22 Earnout equals zero for purposes of OpCo's payment if the calculation equals an amount is less than zero.
$110,000,000
$140,000,000
$0
Classes 6, 7, and 8 receive 50% of any amounts payable in this range.
$56,540,000
The sum of the FY21 Earnout plus the FY22 Earnout is approximately $56,540,000, which is $57,690,000 minus $1,150,000. Because the sum of the FY21 Earnout and the FY22 Earnout is less than $110,000,000, the Unsecured Claims Earnout Pool cannot be funded.
Therefore, the amount of the Unsecured Claims Earnout Pool is zero and Classes 6, 7, and 8 will not receive any distribution from the Unsecured Claims Barnout Pool. This means that Class 8 General Unsecured Claims, which cannot recover from the Wind-Down Reserve either, will not receive any distribution.
IV.
Conclusion
Class 4 Claims:
Class 4 Claims were Allowed in an aggregate total of
$1,571,414,062.50. The Wind-Down Debtors estimate that after all estate expenses are paid, the Wind-Down Reserve will contain a remainder balance between $0 and $29,000,000. Any further distribution to holds of Claims in Class 4 will constitute the entirety of the Wind-Down Reserve and will not pay Class 4 Claims in full.
Class 6 Claims:
Because Class 4 Claims cannot be paid in full, Class 6 Claims will
not be paid any funds from the Wind-Down Reserve. Because the sum of the FY21 Earnout plus the FY22 Earnout (the "Earnout Calculation) does not exceed $110,000,000.00, the Plan provides that the Unsecured Claims Earnout Pool cannot be funded. Therefore, Class 6 Claims will not receive any funds from the Unsecured Claims Earnout Pool. Holders of Class 6 Claims will receive no further recovery under the Plan.
Class 7 Claims:
Because Class 4 Claims cannot be paid in full, Class 7 Claims will
not be paid any funds from the Wind-Down Reserve. Because the Earnout Calculation does not exceed $110,000,000, the Plan provides that the Unsecured Claims Earnout Pool cannot be funded.
Therefore, Class 7 Claims will not receive any funds from the Unsecured Claims Earnout Pool.
Holders of Class 7 Claims will receive no further recovery under the Plan.
Class 8 Claims:
Because Class 4 Claims cannot be paid in full, Class 8 Claims will
not be paid any funds from the Wind-Down Reserve. Because the Earnout Calculation does not exceed $110,000,000, the Plan provides that the Unsecured Claims Earnout Pool cannot be funded.
Therefore, Class 8 Claims will not receive any funds from the Unsecured Claims Earnout Pool.
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