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0.00 has a nice ring to it
wish we knew; maybe $0 .. if pigs fly I keep thinking of $8 (in a magical world where the SEC claws back a nice chunk)
i bought around the ~2% recovery number; 'hopefully' riding for free for the 'possible' cause of action monies at a later date
g/l!
Whats the recovery on these pigs my friend?
notes' ask pricing alluring; too bad noone can buy with new security regulations...
MDLQQ .28 on the ask
Stop the bleeding!!! In just 8 short months Peter Kravitz has knocked down $255k for doing basically nothing.
From last February;
Director Agreement, dated as of February 9, 2021, by and between Medley Management Inc. and Peter Kravitz of Province LLC
[....]
(c) Compensation. For as long as Director serves on the Board, Director shall receive compensation in the amount of $45,000 for the first month and then $30,000 per month thereafter, subject to amounts required by law to be withheld, if any (the "Monthly Fee"), provided, however, that the Monthly Fee may be reduced at any time following the date that is four (4) months after the Effective Date if the Board determines that the duties of the Director have been materially reduced. The Monthly Fee shall be paid in advance on the first day of each month during the Term.
[....]
Source:
https://contracts.justia.com/companies/medley-llc-8237/contract/170217/
-----------------
Today;
Departure of Directors or Certain Officers
Effective September 9, 2021, Peter Kravitz, resigned as a director of Medley Management, Inc. (the “Company”) and his Director Agreement, dated as of February 8, 2021, was terminated by mutual agreement on September 9, 2021. Mr. Kravitz’s resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.
Source:
https://www.sec.gov/Archives/edgar/data/1611110/000143774921021957/mman20210910_8k.htm
* There may be more to this..it appears he left on his own terms but until we see differently this ends a needless expense on the estate..and thats never a bad thing.
Classic dead cat bounce today
Medley Management In (MDLM)
0.65 up 0.23 (54.76%)
Volume: 3,371
Court Doc #0348
MOTION FOR ENTRY OF CONFIDENTIALITY AGREEMENT AND PROTECTIVE ORDER
[....]
7. Pursuant to the Plan, the Debtor is liquidating. As part of that process and to maximize recoveries for the benefit of the Debtor’s estate, the Debtor and its subsidiaries are, among other things, winding down their investment advisory agreements, selling assets and assisting their clients in transitioning to new investment advisors. To facilitate the wind down, the Debtor and its subsidiaries might be required to value assets, estimate revenues and negotiate divestiture of illiquid assets. This type of information is sensitive business information and constitutes “confidential research, development, or commercial information” as set forth in section 107(b) of the Bankruptcy Code.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
*a simple outline of the work ..the process.. and the goals.
Marker:
Medley Management In (MDLM)
0.42 0.0 (0.00%)
Volume: 836
MDLQQ currently @ $0.441
MDLXQ currently @ $0.446
Court Doc #0345
NOTICE OF THE U.S. SECURITIES AND EXCHANGE COMMISSION’SREQUEST FOR PRODUCTION OF DOCUMENTS AND NOTICE OF DEPOSITION OF DEBTOR REPRESENTATIVE PURSUANT TO RULE 9014 OF THE FEDERAL RULES OF BANKRUPTCY PROCEDURE AND RULES 30(b)(6) AND 45 OF THE FEDERAL RULES OF CIVIL PROCEDURE
[....]
Source;
https://www.kccllc.net/medley/document/list/5510
*the SEC is following thru.
Marker:
Medley Management In (MDLM)
0.49 up 0.01 (2.08%)
Volume: 5,701
MDLQQ currently @ $0.4682
MDLXQ currently @ $0.4682
Court Doc #0342
NOTICE OF SELECTION OF PROPOSED LIQUIDATING TRUSTEE
[....]
PLEASE TAKE FURTHER NOTICE that in accordance with the Plan Term Sheet and consistent with the Plan, the Creditors’ Committee hereby provides notice of its selection of Saccullo Business Consulting, LLC to serve as proposed Liquidating Trustee of the Liquidating Trust to be established under the Plan.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
From LinkedIn;
About
Anthony M. Saccullo is the founding member of Saccullo Business Consulting and A. M. Saccullo Legal, LLC. For nearly a decade, Anthony practiced law in Wilmington, Delaware primarily focusing in the areas of bankruptcy and creditors’ rights, and corporate and commercial litigation.
Throughout his career, Anthony has represented entities in every facet of bankruptcy—from pre-bankruptcy planning though plan confirmation. He has also represented creditors’ committees, equity-holder committees, secured lenders, landlords and other creditors in bankruptcy.
Anthony has been engaged by liquidating agents, chapter 7 trustees, chapter 11 trustees, and other post-confirmation entities formed to administer, liquidate, and distribute estate assets. During the course of these representations, Anthony had the opportunity to analyze and prosecute thousands of preference actions, which seek to ensure equitable recoveries for all unsecured creditors.
Anthony is a certified mediator in the Superior Court for the State of Delaware, and an approved mediator in the United States Bankruptcy Court for the District of Delaware.
Marker:
Medley Management In (MDLM)
0.60 down -0.1499 (-19.99%)
Volume: 4,293
MDLQQ- currently @ $.043
MDLXQ- currently @ $.043
*As predicted, and to no ones surprise, MDLM's common equity has been dropping like a stone..quickly heading for extinction.
The bonds however are ranging right where one might expect at this point just under the 2% recovery estimate given in the Plan.
**Again if you just came to this board those estimates do not include what, if any, windfall dollar$ the "causes of action" by the SEC may add to the estate.
Breakthrough!
Court Doc#0328
ORDER GRANTING THE MOTION OF THE DEBTOR FOR AN ORDER
(I) APPROVING ON AN INTERIM BASIS THE ADEQUACY OF DISCLOSURES
IN THE COMBINED PLAN AND DISCLOSURE STATEMENT, (II) SCHEDULING THE CONFIRMATION HEARING AND DEADLINE FOR FILING OBJECTIONS, (III) ESTABLISHING PROCEDURES FOR SOLICITATION AND TABULATION OF VOTES TO ACCEPT OR REJECT THE THIRD AMENDED COMBINED PLAN AND DISCLOSURE STATEMENT, AND APPROVING THE FORM OF BALLOT AND SOLICITATION PACKAGE, AND (IV) APPROVING THE NOTICE PROVISIONS
Source:
https://www.kccllc.net/medley/document/list/5510
*Ok people this plan can now be rolled out to the launch pad and be prepared for the next step in the confirmation process.
Marker:
Medley Management In (MDLM)
$1.30 down -0.09 (-6.47%)
Volume: 5,579
MDLQQ currently @ $0.426
MDLXQ currently @ $0.425
Court Doc #0325 page 32 and again on page 53 addresses the SEC Claim
Page 32
As of July 5, 2021, creditors (other than intercompany claims) had filed or scheduled proofs of claim aggregating $133,286,927.05, including $1,680.67 of Priority Claims,$125,506,108.33 of Notes Claims, and $7,779,138.05 of General Unsecured Claims.14 Additionally, on May 6, 2021, the SEC also filed a proof of claim asserting a contingent claim in an unliquidated amount for “an undetermined claim for penalties, disgorgement, and prejudgment interest arising from possible violations of the federal securities laws.”15” [Claim Register No. 11] (the “SEC Claim”) attached hereto as Exhibit F. Further, in its proof of claim, the SEC stated that, it “has been conducting an investigation into certain pre-bankruptcy transactions involving the [D]ebtor.”The SEC continues to acknowledge that the SEC Claim is a contingent and unliquidated claim,“for penalties and disgorgement.”¶ 1 [DocketNo. 304]. While the SEC Claim does not provide information about the potential scope or amount of the claim, the SEC Claim, if allowed in any material amount, may reduce recoveries to Holders of Claims in Class 3 and Class 4 to the extent the claim is not Disallowed or subordinated as a penalty or otherwise. The SEC may amend the SEC Claim to provide further information and the Plan Proponents, and the Liquidating Trustee, as applicable, reserve all rights to object to the priority and allowance of the SEC Claim, including to seek its subordination.The Governmental Unit Bar Date is September 3, 2021 at 5:00 p.m. (prevailing Eastern Time).
[....]
Page 53
G. Allowance of Claims May Substantially Dilute the Recovery to Holders of Claims
under the Plan.
There can be no assurance that the estimated Claim amounts set forth in the Plan are correct, and the actual Allowed amounts of Claims may differ from the estimates. The estimated amounts are based on certain assumptions with respect to a variety of factors, including with respect to the Disputed Administrative Claims, Disputed Priority Tax Claims, Disputed Other Priority Claims, and Disputed Secured Claims. Should these underlying assumptions prove incorrect, the actual Allowed amounts of Claims may vary from those estimated herein, thereby materially reducing the recovery to the Holders of Claims under the Plan.
Moreover, any Allowed Claim of the SEC may reduce Distributions to Holders of Claims in Class 3 and Class 4. The Plan Proponents will continue to examine the SEC Claim to determine whether it is appropriate to object to or move to subordinate such claim, and nothing herein shall affect or impair the rights of the Plan Proponents or the Liquidating Trustee, as applicable, to litigate the allowance, priority, and subordination of the SEC Claim.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
*I can understand why the SEC doesn't reveal the $$ amount of any "Causes of Action" they may take in for obvious reasons ..but to not even give a hint where or to whom those funds ultimately end up is a touch nerve racking!
Court Doc#0325
NOTICE OF FILING OF BLACKLINE OF THIRD AMENDED COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF MEDLEY LLC
Source:
https://www.kccllc.net/medley/document/list/5510
*theres been mention of mystery "claim" by the SEC for months now.
What the heck thats all about is truly a mystery ??. Is that what they put out not knowing the amount$ that may be disgorged or as in fine amounts they may recieve in their "Causes of Action"?? That's possible I suppose but its extremely vague and vagueness can be very troubling ":-0
Court Doc #0318 without a doubt imo lays out the best and clearest information to date on the BIG picture.
https://www.kccllc.net/medley/document/list/5510
It's only 20 pages long and they're jam packed with insightful, enlightening and potentially material information.
If this case goes to a ch7 liquidation it would be a travesty imo.
*Note regarding common equity (MDLM): nothing in the Plan has ever indicated, nor hinted, the common equity stock of Medley Management survives this bankruptcy. Holders beware. .
Marker:
Medley Management In (MDLM)
1.37 up 0.02 (1.48%)
Volume: 1,677
MDLQQ currently @ $0.60
MDLXQ currently @ $0.4242
Not all "liquidations" are created equal.
With that in mind be assured plan proponents have weighed every scenario that they believe gives the estate the best chance at the best recovery possible.
They've done the numbers and evidently they indicate to them that a CH 7 liquidation (sometimes referred to as the nuclear option) would most definitely destroy value that they feel should not (and need not) happen under the CH 11 liquidation.
I'm not sure where you saw the 1% low side number..maybe you could point me in the right direction on that.. but I'm fairly certain it must have been put out as a projected CH 7 estimate of recovery.
To get the latest plan approved it must address the objections which helps voters of the plan make informed decisions.
That's why you may see different recovery estimates..its ch7 vs ch11. And don't forget the ch11 estimates do not include any possible "cause of action" windfalls to the estate.
differing percentages for Notes recoveries(?)->
I see filings that mention as you posted:
"
Class 3 Notes Claims
Impaired; Entitled to Vote
Approx claim amount: $125,506,108
Estimated Recovery: 2.02% to 2.17%
"
BUT then I see a recent data table showing 1% low-side and 2% high-side...
Do you know the difference in presentations and why they both exist?
Court Doc #0316
NOTICE OF FILING OF BLACKLINES OF SECOND AMENDED COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF MEDLEY LLC
Source:
https://www.kccllc.net/medley/document/list/5510
*the blackline copy makes it much easier to see what changes were made.
**This may not be the last amendment to the plan..there may be more..but you never see bk docs of this level of importance withdrawn and then resubmitted at warp speed like this.
Marker:
Medley Management In (MDLM)
1.32 down -0.18 (-12.00%)
Volume: 17,772
MDLQQ currently @ $.04545
MDLXQ currently @ $.060
No db7. You didn't misinterpret. This is tough to decipher. There are multiple players in all of this with varying goals. Those goals don't always match up the way we think they should or might. For example the SEC may not care or be on board with what the unsecured creditor committee hopes to achieve. Or with what Strategic Capital Advisory wants. We assume they're going to do the heavy lifting for the unsecured bond holders by the tone of their no nonsense dealings with the ones who recieved the Wells Notices. If I was one of those guys they'd certainly have my attention!
The SEC has been very direct and have displayed a heavy presense in this bk. They appear to be on the bond holders side but we really have no guarantee of that. They're truly an unknown. Post UDFI I'm not prepared to guess.
They may just want to see this go to a Ch7 and be done with it. Or not. They'd make excellent poker players.
regarding 1 & 2; i thought that's what i read between the 2 rebuttals filed.. based on your response, maybe i misinterpreted
thanks Chevy and g/l!
All good questions.
1) No. That would be unnecessary and a waste of a potential opportunity.
2) those days are over. The debtor appears to be fully cooperating.
3) yes.
I've never seen a case quite like this one..maybe some of you have. Its getting increasingly more difficult to connect the dots on how these affiliated entities (and players) are all linked up.
But I have to think keeping this patient on life support via a ch 11 POL as opposed to a flat-line ch7 turn out the lights liquidation opens up possibilities.
Such as? I'm thinking PhenixFIN (PFX) may hold those answers. To continue my medical metaphor nobody doubts MEDLEY LLC is brain dead but it still may have some valuable "organs" (relationships) worth "harvesting". ??
In a nutshell. Ch 7 vs 11(?). Quit trying to protect your execs(?). Are the estimated ~2% recoveries even attainable with the plan(?)
Court Doc(s) #0304 & 0305
The SEC and the UST have some apparent heartburn with the Amended Plan as written.
Source:
https://www.kccllc.net/medley/document/list/5510
Court Doc #0295
NOTICE OF FILING OF EXHBITS OF FIRST AMENDED COMBINED
DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF MEDLEY LLC
[....]
PLEASE TAKE FURTHER NOTICE that a hearing to consider the adequacy of the information contained in the Amended Combined Disclosure Statement and Plan is scheduled for August 12, 2021 at 1:00 p.m. (Eastern Time) (the “Hearing”) before the Honorable Karen B.
Owens.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
Marker:
Medley Management In (MDLM)
$1.66 down -0.09 (-5.14%)
Volume: 2,303
MDLQQ currently @ $0.45
MDLXQ currently @ $0.40
Court Doc #0285
Notice of Filing of Blacklines of First Amended Combined Disclosure Statement and Chapter 11 Plan of Medley LLC (Filed by Medley LLC)
[....]
Class 3 Notes Claims
Impaired; Entitled to Vote
Approx claim amount: $125,506,108
Estimated Recovery: 2.02% to 2.17%
Class 4 General Unsecured Claims
Impaired; Entitled to Vote
Approx claim amount: $7.2 7.77 million to $18.11 million
Estimated Recovery: 2.02% to 2.17%
*Recovery numbers do not include any estimate of proceeds from causes of action.
[....]
Source:
https://www.kccllc.net/medley/document/list/5510
A quick scan revealed nothing unexpected in the amended plan.
Marker:
Medley Management In (MDLM)
$1.90 up 0.01 (0.53%)
Volume: 15,394
MDLXQ currently @ $0.45
MDLQQ currently @ $0.32
We have no indication at this point there will be one thin dime to distribute to anyone. It is totally premature to assume anything right now. No hint of any recovery is out there. I do not want to start any rumors.
I will just say IF the SEC does indeed do the "heavy lifting" on behalf of the unsecured noteholders these are the steps to look for. The key word here is 'If'..and again we may be talking months to years.
This is one of those good news bad news things - The good news is 'the SEC is on the case'..The bad news is 'the SEC is on the case'.
SEC Process
Rule 1100. Creation of Fair Fund.
Rule 1101. Submission of Plan of Distribution; Contents of Plan.
Rule 1102. Provisions for Payment.
Rule 1103. Notice of Proposed Plan and Opportunity for Comment by Non-parties.
Rule 1104. Order Approving, Modifying, or Disapproving Proposed Plan.
Rule 1105. Administration of Plan.
Rule 1106. Right to Challenge.
Source
https://www.sec.gov/about/fairfund042104.htm
*check it out for yourself..you be the judge. Lots of loose ends and unknowns still exist.
Marker:
Medley Management In (MDLM)
1.9 up 0.14 (7.95%)
Volume: 7,273
MDLXQ currently at $0.41
MDLQQ currently at $0.46
When indeed!
However I do think there's reason for optimism.
The BK started March 7th of 2021 but the SEC started breathing down the necks of some potentially bad actors long before that on Dec 18th of 2019 when they started the "formal order of private investigation". That in turn initiated more heat in the form of Wells Notices handed out May 7, 2021 to six pre-IPO owners of Medley, each of whom is a current or former officer.
The Wells Notices provided that the proposed action "would allege violations".
This means to me the bulk of this process tracking down who did what when with $44 Million dollars has been done. Now its just a matter of how bad do some people want to risk time in the slammer.
I think this means we're in the settlement phase.
Marker:
Medley Management In (MDLM)
1.76 0.0 (0.00%)
Volume: 22,428
MDLXQ currently at $0.55 @ share
MDLQQ currently at $0.47 @ share
IS SEC going to do heavy lifting for us?
When do we get the $44 million?
I'm a touch shocked but if I had to describe the latest news out of the court in a word it would be - Remarkable!
What came out today just doesn't happen very often in corporate bankruptcies and cerainly not this soon after the filing! This case had the typical delay delay delay written all over it but todays news may prove to change things in a hurry!
NOTICE OF FILING OF DRAFT PLAN TERM SHEET
On July 6, 2021, the above-captioned debtor and debtor-in-possession (collectively, the “Debtor”), by their undersigned counsel, filed the Combined Disclosure Statement and Chapter 11 Plan of Reorganization and Wind-Down of Medley LLC [Docket No. 244] (the “Combined Disclosure Statement and Plan”).
The Debtor intends to file an amended version of the Combined Disclosure Statement and Plan substantially in accordance with the attached Plan Term Sheet (the “Plan Term Sheet”). Attached hereto as Exhibit A is a draft of the Plan Term Sheet.
PLAN TERM SHEET
This Plan Term Sheet (the “Term Sheet”), dated July 21, 2021, sets forth the material terms of a chapter 11 plan to be filed by Medley LLC (the “Debtor”) and supported by Medley Capital LLC (“Medley Capital”) and the Official Committee of Unsecured Creditors (the “Committee” and, together with the Debtor and Medley Capital, the “Plan Parties”) appointed in the chapter 11 case of In re Medley LLC, No. 21-10526 (KBO) (Bankr. D. Del. Mar. 7, 2021) (the “Chapter 11 Case”) pending before the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”)
[....]
Source:
Court Docket #0276
https://www.kccllc.net/medley/document/list/5510
*the remarkable aspect of this to me (if this proves to be successful) is this cuts to the chase very quickly..and that does 2 very large things that you seldomly ever see in a BK. 1) it saves time. How much? Maybe 12 to 18 or more months.. 2) it saves bookoo bucks on professional fees. $$$$$.
If you're an unsecured creditor this is is how you stop the bleeding and to save as much of an estate as you can as quickly as you can.
ORDER APPROVING Chapter 11 Case No. 21-10526 (KBO) RE D.I. #0268
STIPULATION EXTENDING TIME TO TAKE ACTION, TO THE EXTENT NECESSARY, TO DETERMINE THE NONDISCHARGEABILITY OF A DEBT OWING TO A GOVERNMENTAL UNIT
[....]
Source: Docket #0268
https://www.kccllc.net/medley/document/list/5510
* Evidently the SEC is telling the Medley people this bankruptcy thing doesn't end it with us.
Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding.
Marker;
Medley Management In (MDLM)
$2.00 up 0.1 (5.26%)
Volume: 15,785
MDLXQ currently at $0.37 @ share
MDLQQ currently at $0.51 @ share
One glaring difference between the plans is the Debtor separates the Note holders claim [Class 3] from the General Unsecured claimholders [Class 4].
I'm going under the assumption the OCUC plan combines both the Note holder claims with the General Unsecured claims and puts it under one Class [3].
This may mean nothing..not sure..but its worth noting.
Because of the Debtors right of exclusivity their plan is before the court for its consideration to be solicited.
The OCUC, in the hopes of and anticipation of the Debtors right of exclusivity being terminated has prepared and presented the court its POL. And if allowed to be solicited is asking that the court either reject the Debtors plan altogether or allow both plans to be presented in order to have a head to head vote decide the winning plan.
Debtors 2nd Plan put out 7/6/2021;
Class 1 Secured Claims Unimpaired; Not Entitled to Vote (Presumed to Accept) Approx. $0 Recovery: 100%
Class 2 Priority NonTax Claims Unimpaired; Not Entitled to Vote (Presumed to Accept) Approx. $1,680.67 Recovery: 100%
Class 3 Notes Claims Impaired; Entitled to Vote Approx. $125,506,108.33 Estimated Recovery:
Class 4 General Unsecured Claims Impaired; Entitled to Vote Approx. $7.2 million Estimated Recovery:
Class 5 Intercompany Claims Unimpaired / Impaired; Not Entitled to Vote (Presumed to Accept or Deemed to Reject)
Class 6 Interests Impaired; Entitled to Vote (Presumed to TBD Estimated Recovery: N/A Recovery: $0 Accept)
--------------------------------------
OCUC POL Treatment
Class 1 Secured Claims Unimpaired Not Entitled to Vote (Presumed to Accept)
Class 2 Other Priority Claims Unimpaired Not Entitled to Vote (Presumed to Accept)
Class 3 General Unsecured Claims Impaired Entitled to Vote
Class 4 Intercompany Claims Unimpaired / Impaired Not Entitled to Vote (Presumed to Accept or Deemed to Reject)
Class 5 Interests Impaired Not Entitled to Vote (Presumed to Reject)
---------
It appears one of the main decisions the court must decide is simply who votes and who doesn't.
Marker:
MDLXQ - currently at $0.40 @ share
MDLQQ - currently at $0.42 @ share
This board will remain. No matter how many times a company changes its name and/or ticker the I-HUB message board remains the same for continuity of information so that all I-hubbers can research a stock's history.
Maybe you know Renee..will Ihub leave the board intact and just replace the ticker? Or will a whole new board be required?
My pleasure, 56Chevy. I do hope the stock does well now that the 'Q' has been removed.
How was that for timing! That Q just didnt make sense. Ok..MDLM it is. Thanx Renee.
MDLYQ changed to MDLM: (no FINRA comments)
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
We have ALOT of time to kill. Like the majority of bankruptcies this too will move at a glacial pace forward.
So with that in mind I wondered if anyone else has asked themselves why the "Q"?
I've been around a reasonable amount of bankruptcy situations but I've not seen FINRA add the 'Q' to the security identifier when no actual filing for bankruptcy exists. ?? Maybe a few of you wondered the same thing.
In this case we have a member [Medley LLC] with publically traded debt but privately held equity that filed a bk March 7th under a parent [MDLY] who has publicly held and traded equity.
It gets very confusing when you view the entire Medley family and how its all inter-connected.
So what changed that added a 'Q' to MDLY? I think the answer lays within the Plan.
The first Plan (which went immediately down in flames and rightfully so) called for the treatment of Class 7 equity holders (which are all privately held) to be unimpaired...all the while calling for treatment of class 3 noteholders to be impaired. It was a debt for equity swap which is not unusual but it left the controlling owners in place. So much for respecting the rule of absolute priority eh.
That old plan would have essentially left the same players who have continually steered the ship onto the reef in place and in charge after the restructuring. Why would anyone want these same guys who have no problem routinely rewarding themselves handsomely with a considerable string of failures to show to be left at the helm?!!
This new Plan calls for the treamtment of Class 7 equity to be impaired with no vote deemed to reject. The SEC knows if Medley LLC is to be liquidated according to the newest Plan that means MDLY is out of business without any source of sustaining income i.e. bankrupt.
The Plan added the Q.
Any other thoughts on this new plan? What am I missing? Why are there no objections as of yet??
We still don't have a ruling on exclusivity and may not for several days/weeks.
Marker:
Medley Management In (MDLYQ)
2.0 ? 0.0 (0.00%)
Volume: 37,676
MDLXQ - $0.59
MDLQQ - $0.42
Looks like something is coming.
MEDLEY MANAGEMENT INC (MDLYQ)
1.83 [-]down tick
1.06 (137.6623%)
x 100
Bid 1.83 x 33,940
Ask 1.95 x 324
Vol 295,579
Medley Management In (MDLYQ)
0.37 up 0.07 (23.33%)
Volume: 96,480
MDLXQ @ $0.5375 Down 28.3%
MDLQQ @ $0.40 Down 50.6%
The next phase begins.
Not sure on the math, but you probably want to do 1 + 2 minus lawyer fees, then back into the recovery ex-fees x probability from 3 to derive the value on the notes. Disclosure long some of those.
-Pagz
MDLY changed to MDLYQ, bankruptcy. Delisted from the Nasdaq to the OTC.
https://otce.finra.org/otce/dailyList?viewType=Additions
That would be number 3:
Brief Summary of the Combined Disclosure Statement and Plan
The Combined Disclosure Statement and Plan is premised upon maximizing the remaining
value of the Debtor’s assets. Specifically, the Debtor has three primary assets: (i) cash on hand,
(ii) income stream generated from the Remaining Company Contracts, less the costs of operations,
and (iii) Causes of Action, including potential claims against certain current and former Insiders.
On the Effective Date, the Liquidating Trust will be established for the benefit of creditors holding
Allowed Claims, and the Debtor will transfer all cash on hand and the right to the Causes of Action,
including the net proceeds from the Causes of Action, all of which will be vested in and retained
by the Liquidating Trust. Additionally, on the Effective Date, the Debtor will transfer its right to
all equity distributions from its non-Debtor subsidiaries which result from the non-Debtors’
continued performance under the Remaining Company Contracts, and such right will vest and be
retained by the Liquidating Trust. All distributions on account of Allowed Claims will be paid
from the Liquidating Trust, which shall be funded on the Effective Date from the Debtor’s cash
on hand.
Hope it includes the $44 million
Docket #0244 - COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF
REORGANIZATION AND WIND-DOWN OF MEDLEY LLC
A good history lesson here maybe for those of us that are newer, looking to establish a Liquidating Trust I see:
http://www.kccllc.net/medley/document/2110526210706000000000003
T1 Code – News Pending: The company has requested trading of the stock be halted while they release material news.
T1 halts can be good or bad but I think we know since the officers left with no one to replace them this one is bad!
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