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https://investor.windstream.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=17707740
lookup keywords “Old Holdings” - lmk what you think when you can!
Pending Settlement of Bankruptcy-Related Litigation — On May 6, 2024, the parties to the class action lawsuit previously discussed in Note 16 agreed to a settlement that remains subject to federal court approval in Arkansas. The parties are preparing the appropriate pleadings to submit to the court for review and approval of the settlement that will be applicable to the shareholder class. Windstream’s directors’ and officers’ insurance carriers are providing full coverage for the settlement, if approved, as the Company has paid all applicable deductibles.
Key elements of the settlement include:
• Lead Plaintiff concedes that none of the defendants are making any concession of liability or wrongdoing, and the defendants concede that Lead Plaintiff makes no concession regarding lack of merit.
• The parties agree that the settlement releases any and all shareholder claims against the Company and the defendants, and the claims are fully discharged.
• Upon approval by the court, the Company, in conjunction with its insurance carriers, will place in escrow the settlement amount of $85 million for distribution to class members.
• A Claims Administrator will be appointed by the court and, under supervision of the Court, shall provide notice of the settlement to class members and oversee the distribution of the settlement fund.
There is a trial date in the federal case in November 2024 that has been stayed in light of the pending settlement. Court approval of the settlement by the presiding federal judge will bar class members, including the plaintiff in the state case, from commencing or prosecuting any of the released claims against the defendants. Thus, the Company will seek dismissal of the state court case at the appropriate time.
As a result, the Company will record a liability for the agreed upon settlement amount of $85.0 million and a loss recovery insurance receivable of $85.0 million for insurance proceeds deemed probable of recovery in its consolidated balance sheet as of March 31, 2024.
Windstream Holdings, LLC (“Old Holdings”), its current and former directors, and certain of its executive officers are the subject of two shareholder-related lawsuits arising out of the merger with EarthLink Holdings Corp. in February 2017 pending in federal court in Arkansas and state court in Georgia. The pending complaints contain similar assertions and claims of alleged securities law violations and breaches of fiduciary duties related to the disclosures in the joint proxy statement/prospectus soliciting shareholder approval of the merger, which the plaintiffs allege were inadequate and misleading.
In June 2023, the court denied Windstream’s long-standing motion to dismiss the claims, after holding oral arguments in August 2019 and after Windstream renewed its motion to dismiss in July 2021 in response to the plaintiffs amending the complaint. There is a trial date in the federal case set for November 2024, and discovery is proceeding. The state court case was stayed in 2019, and remains stayed. Oral arguments were held on February 15, 2024 regarding certification of the class, and a ruling is anticipated in the near future.
The federal plaintiffs’ proof of claim was resolved on the bankruptcy docket in September 2021. Pursuant to the Company’s Plan of Reorganization, plaintiffs are limited to a recovery to the extent of any available insurance proceeds. The state plaintiff failed to submit a proof of claim and in light of the Company’s emergence from bankruptcy, Windstream believes the state case should be discharged, but the plaintiff is challenging the discharge. To the extent the state court case proceeds, applicable law provide that the plaintiff’s recovery is limited to available insurance proceeds.
Management believes that the Company has valid defenses for each of the lawsuits and plans to vigorously defend the pursuit of all matters. While the ultimate resolution of the matters is not currently predictable, if there is an adverse ruling in any of these matters, the ruling could constitute a material adverse outcome on the future consolidated results of operations, cash flows, or financial condition of the Company.
my thoughts exactly!
What are your thoughts on this!?
https://www.supremecourt.gov/docket/docketfiles/html/public/22-926.html
Thank you newflow (as always) for your diligent research and knowledge!
rokkdatstock Can answer any questions you have re: fka winmq!
Looks like you have the just of it. Therefore your first born should take your name + JR.
We already got our 0 (good for taxes) next comes the money!
Why are they not publishing the transcript until after December???
So they went “dark” until all of the accounting is finalized?
Looks like this won’t settle till late Jan 2021 imo
Disregard previous post, insert “thumbs up” emoji
What’s gonna happen now then?
I don’t think it’s over yet guys. Cancelling is part of the plan.
I’m wiped - thanks Rok for the warnings!
Shares are still in my account
Shares are still in my account
Thank YOU,
I’m in the same boat - this is a complicated situation and there’s no real way to tell what and when anything is going to happen.
I believe that some sealed documents are to be made public soon - (I believe mid sept?)
All of that knowledge has escaped my brain - my apologies.
I’m renovating a house now so can delve too deep at this point.
But I’m holding and hopeful that something good will occur.
Keep in mind that Elliot is suing PCG for a quarter billion for releasing info about commons earlier this year.
Everyone is tight lipped on this for a reason!!!
Big day in court today for Eddie
Exactly. And of course, Perfectly legal.
If the Plan becomes effective,
That article leads one to believe commons are gonna be 0 soon.
Any news from court today?
Wouldn’t be surprised if Eddie throws in the towel and sells to Amazon with some seritage properties thrown in... huge day for Eddie coming up next week in court....makes sense since amazon was looking to buy jcp just a bit ago
“ Oh no!!!!” Better contact our trustee, Hahaha
Thank you for contacting the U.S. Securities and Exchange Commission (SEC).
We appreciate you informing us of your concerns regarding Windstream Holdings, Inc. ("Windstream").
Please note that the SEC has a limited role regarding bankruptcy and corporate reorganization cases. For general information about corporate bankruptcies, please see available information on our website at: https://www.investor.gov/introduction-investing/investing-basics/glossary/bankruptcy-public-company. Please also see https://www.finra.org/investors/insights/what-corporate-bankruptcy-means-shareholders.
When a company like Windstream files for bankruptcy under Chapter 11, the company's plan of reorganization in most instances will cancel the existing equity shares (and potentially warrant shares). This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
The SEC's authority extends to disclosure-- making sure that the investing public is provided with full and fair disclosure of important information so they can make informed investment and voting decisions. In this regard, you may wish to review the company's Form 8-K filings disclosing the bankruptcy at https://www.sec.gov/Archives/edgar/data/1282266/000128226619000005/a20190228form8-k.htm and also https://www.sec.gov/ix?doc=/Archives/edgar/data/1282266/000128226620000034/a20200701form8-k.htm.
If you have concerns about the bankruptcy proceedings, you may wish to contact the United States Trustee Program. Additional information is available at https://www.justice.gov/ust/about-program.
The SEC’s Office of Investor Education and Advocacy processes many comments from individual investors and others. We keep records of the correspondence we receive in a searchable database that SEC staff may make use of in inspections, examinations, and investigations. In addition, some of the correspondence we receive is referred to other SEC offices and divisions for their review. If they have any questions or wish to respond directly to your comments, they will contact you.
Yes that’s the one but unfortunately I do not have a Bloomberg law account.
I’m confident sh’s will get some relief but it won’t come without a fight.
Not a worry - the first heading is for a Bloomberg article released yesterday. (Thursday.)
I don’t have a Bloomberg account to view, if anyone can please post what it says that would be magnificent.
I’m sure it’s similar to the yahoo article though....
Another Green Day for a “dead” stock
Another Green Day for a “dead” stock
Next court date - 8/18/20 Friday
Interesting how they wrote “docket 2779,” I think they meant “docket 2279.”
Docket 2279 stipulation of settlement
It’s probably best to dump now for the tax savings and then pick back up for motherload.
those brokers fees will get cha though boy!
Short interest down like 63% that’s odd... still hanging at .08 ??? Hmmm
if I’m wrong I owe ya Guys a Dairy Queen.
As always, imo!
What to expect around the 26th of August ?