Linda is biotch...! LOLz JayKay
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Phil, I agree, we all have opinions and they will not sway the Judge. Opinions should be heard from both side of the spectrum as we all want to be informed of the possible outcomes.
As to the "gratuitous personal insults that are aired here from time to time", I assume you meant me, but just to be clear, I only reciprocate the same to a certain degree, however, I usually am nice a cordial. Obviously the responses I gave to certain someone was for a reason. =)
Happy Holidays.
No offense taken. I thank you for a nonconfrontational response.
Regarding the opinion as facts comment, the quote below from my post, I am sure they are facts and Grudge and Wally would concur, however, all the other "stuff" I post are opinions, like everyone else. I usually put "imo" though.
Dimeq's trigger happened within bankruptcy protection, not before.
The "security" was separated from the warrants.
363 makes the separation legal.
GSA is "fair and reasonable" which includes the separation of the warrants and "security" per Judge Walrath. Walrath basically said it is "a-ok".
I agree that the court set aside a reserve of $337 and Dimeq interested are protected "IF" Dimeq is to be classed as Class 12, however, if Dimeq is ruled as being Class 18, that reserve is moot since the estate fund distribution does not even reach Class 18. Any money reserved would flow right back into the waterfall and into Class 16. Same for Class 21, reserve is moot and goes right back into the waterfall.
While I do believe that Dimeq does have a cause of action derived from a breach of contract, I do believe they will prevail, however, it is a question as to where they will be classed. If you ask me, I say Class 18 (Flame suit on), because Dimeq, imo, is an equity that had a claim and became a creditor, however, subordinated because the "security" being separated from the warrant re: 363 sale, and not debt.
Even if Dimeq filed an appeal, imo, it would be equitably moot because if the Plan is confirmed and distributed, that is it.
... and I, as most everyone on the other side of the GSA, do not the like the GSA, however, the Judge ruled it "fair and reasonable" and we to live with that and work with what is on the table.
Disclosure: I am not for nor against Dimeq. I am only interested in the outcome. I understand some will be a little more biased because they own such security, which is understandable.
Cheers and Happy Holidays.
imo
I see were you are coming from. I guess it depends on the individual as in "do you believe" in the future of the company/management and willing to commit.
Right: Point of no return.
imo
The tendering of shares is pretty standard. imo/eom
It is whatever the corporate rate is (35% or whatever). From there you have to discount it, otherwise no one would buy in to it.
There has to be an incentive to buy.
imo
Why, because you don't know what is going on and need someone to tell you or read to you? Need hand holding? Reassurance? Someone to tell you your "investment" is safe? LOL
You should be thankful that this is taking this long. If Dimeq is found to be in Class 21, and this ended in July 2010, there would be no Class 22 to convert to. So Dimeq would have been toast.
If you were to be found in Class 18, the $$ stops at Class 16, and Dimeq would be toast.
If Class 22, then obviously paid.
It least now, there is more than 1 way to get paid as opposed to it ending in July 2010, in which it would have been ONLY "all or nothing".
BTW, I see the forest, you obviously see a tree.
Get a clue please.
imo
You obliviously don't understand why it is taking so long to for this bankruptcy. Try reading the Walrath's Opinions. If they are too long for you then try reading the new releases.
Like I said, it was all legal in the eyes of Walrath. The evidence is her ruling on the GSA being "fair and reasonable", which includes the transferring of the "security" of the warrant to JPMC.
Like I said, since they are in mediation now, you got something coming.
Now run along... let them them mediate.
imo
Dimeq's trigger happened within bankruptcy protection, not before.
The "security" was separated from the warrants.
363 makes the separation legal.
GSA is "fair and reasonable" which includes the separation of the warrants and "security" per Judge Walrath. Walrath basically said it is "a-ok".
Bankruptcy is a whole new ball game. Get use to it.
Yes, it is legal and within the law.
Don't cry, that fact that they are in mediation means you are gonna get something, a "remedy".
Chin up and suck it up.
imo
Here is a better observation. Parker Fose stated in the last confirmation hearing that the Mediation should include agreeing to DS/POR language to limit any foreseeable objections.
.... then POOF... a DS/POR appeared...
Everyone was at the mediation, except WamuVooDoo, TPS, Dimeq, JPM, and FDIC.
All agreed.
So long as WIllingham is happy...
imo
If what you say is true, because I don't really know, then why can't they get the POR confirmed?
This is #7. Apparently they have not been within the law.
Because you only need one impaired class to vote yes to have the POR confirmed (so long as everything is within the law). imo/eom
I doubt you will see any surge. HF are accumulate a lot without any surge. They obtained 70% of HUQ. It is only when they compete for shares is when you see a surge. The WAMUQ float is enormous.
Big buyers place the order and MM accumulate for big buyer at a slow and steady pace.
imo
Yes. imo/eom
It was settled. There are no outstanding issues. Now it is TPS vs. Common vs. Dimeq. imo/eom
DS was released, it is public knowledge. Anyone can buy or sell. imo/eom
That is how they accumulated 70% of HUQ. imo/emo
Too many moving parts to speculate an actual $$ value for P. imo/eom
They wouldn't be in mediation if they were in Class 12. imo
It depends on what an individual was anticipating determines the degree of disappointment.
For those who said $24, as an example, this is a harsh reality.
For those who said commons won't be getting anything UNLESS there was a settlement, their reality was pretty much "spot on" and no degree of disappointment for them.
Some were just more realist than others.
Some adjusted to the changing landscape.
It boils down to: Reality vs. Fantasy.
imo
Thanks for the reply.
It looks like, more and more, commons really got a sweet deal and prefferds got shafted again, however, the K's got the most shaft compared to TPS and P.
IMO, we, as prefferds, have the 70/30 split and NO continuation of the liquidating trust as to APR, it WOULD HAVE BEEN more likely that prefferds would have been a lot closer to FV because we would have been paid the deficit between our P distribution of new commons and if APR was applied, we would have been closer to FV. At the very least, we as P, will get 20/25% more distribution more than the K and appreciation new shares (based on the dependency between p and k).
Oh well...
I can't wait to see the objection by TPS. Topics: 70/30 split, Kudros (Special K) as Liq Trustee, and APR re: liquidating trust.
imo
Major Exchange/OTC/Pinks/Trading/non-trading/Etc.
To keep your minds at ease regarding the no trading on the Major Exchange and staying on the pinks, keep in mind that, imo, EC/SNH/Debtors, most likely knows there is (have) a buyer lined up. What does this mean?
Well, why go through the expense and application process of being admitted to a major exchange for trading if you have a buyer lined up and going to merge anyways? You will essentially take the merging partners stock for our stock. The merging partner is likely already on a major exchange. This already saves our company major expenses that we really do not need to spend.
Hedge funds are very good at cost effectiveness and this will benefit us a shareholders, especially if the HF are our partners now (assuming they are buying up to max allowed, which I do believe this are doing right now).
Also, who wants to wager that once out of BK, there will be an offer to buy your shares at "X" price?
Of course, this is my opinion.
WithCatz, your thoughts (Subject: Liquidating Trust):
ARTICLE XXIII
PROVISION FOR TREATMENT OF PREFERRED EQUITY INTEREST (CLASS 19)
23.1 Treatment of Preferred Equity Interests: Commencing on the
Effective Date, and subject to the execution and delivery of a release in accordance with the
provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including,
without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro
Rata Share of seventy percent (70%) of (a) subject to the right of election provided in Sections
6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common
Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of
Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any
Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at the
Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a
different percentage should apply, the foregoing percentage shall be adjusted in accordance with
the determination of the Bankruptcy Court and be binding upon each holder of a Preferred
Equity Interest. In addition, and separate and distinct from the distribution to be provided to
holders of the Preferred Equity Interests from the Debtors, pursuant to the Global Settlement
Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in
Article XLI herein, on the Effective Date, JPMC shall pay, or transfer to the Disbursing Agent,
for payment to each Releasing REIT Trust Holder its pro rata share of Fifty Million Dollars
($50,000,000.00), determined by multiplying (a) Fifty Million Dollars ($50,000,000.00) times
(b) an amount equal to (i) the principal amount of REIT Series held by such Releasing REIT
Trust Holder on the voting record date with respect to the Sixth Amended Plan divided by (ii) the
ARTICLE XXIV
PROVISION FOR TREATMENT OF DIME WARRANTS (CLASS 21)
24.1 Treatment of Dime Warrants: Commencing on the Effective Date, and
subject to the execution and delivery of a release in accordance with the provisions of Section
41.6 of the Plan, each holder of Dime Warrants shall be entitled to receive such holder’s Pro
Rata Share of thirty percent (30%) of (a) subject to right of election provided in Sections 6.2(b),
7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common Stock and
(b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed
Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating
Trust Interests to be redistributed, each to be shared on a pari passu basis with holders of
Common Equity Interests; provided, however, that, to the extent that holders of Dime Warrants
are determined, pursuant to a Final Order, to hold Allowed Claims, and such Allowed Claims are
not otherwise subordinated to the level of Common Equity Interests in accordance with section
510 of the Bankruptcy Code, such Allowed Claims shall be deemed to be Allowed General
Unsecured Claims classified in Class 12 of the Plan and shall receive the treatment provided in
Article XVI hereof; and, provided, further, that, in the event at the Confirmation Hearing and in
the Confirmation Order, the Bankruptcy Court determines that a different percentage should
X:\NRPORTBL\US_ACTIVE\COLEMANE\43711321_15.DOC 60
apply, the foregoing percentage shall be adjusted in accordance with the determination of the
Bankruptcy Court and be binding upon each holder of a Dime Warrant.
ARTICLE XXV
PROVISION FOR TREATMENT OF COMMON EQUITY INTERESTS (CLASS 22)
25.1 Treatment of Common Equity Interests: Commencing on the Effective
Date, and subject to the execution and delivery of a release in accordance with the provisions of
Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive
such holder’s Pro Rata Share of thirty percent (30%) of (a) subject to the right of election
provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the
Reorganized Common Stock and (b) in the event that all Allowed Claims and Postpetition
Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed
Subordinated Claims), any Liquidating Trust Interests to be redistributed, each to be shared on a
pari passu basis with holders of the Dime Warrants to the extent that Dime Warrants are
determined pursuant to a Final Order, to constitute Equity Interests or subordinated to the level
of Common Equity Interests in accordance with section 510 of the Bankruptcy Code; provided,
however, that, in the event at the Confirmation Hearing and in the Confirmation Order, the
Bankruptcy Court determines that a different percentage should apply, the foregoing percentage
shall be adjusted in accordance with the determination of the Bankruptcy Court and be binding
upon each holder of a Common Equity Interest.
Washington Mutual, Inc. (487 records)
Abandonment Notice! On Friday, December 9, 2011, a U.S. federal trademark for Washington Mutual, Inc. registration number 78975859 was abandoned having the name . The Reason provided as CANCELLED - SECTION 8.
Briefly, there is a ownership restriction on equity shares to retain tax attributes such as NOL carry backs and carry forwards.
In order to retain these tax attributes, the court executed an order for:
5% of commons not to change hands, ie bought, sold, etc.
4.xx% of the P (I rounded it to 5% to make it easier and not be to technical).
There is no restriction on the K.
There is no restriction of Dimeq.
I do not have the order readily available, but I am sure some will post it, however, this was near the beginning of the case.
So, 1 HF/SNH can buy up to the allowed maximum of 5% of commons, etc.
SNH consists of 4 HF. So each HF is entitled up to 5% x 4 = 20%. The 20% does not include TPS. If you ass them, that 20% goes up 5% per HF, etc.
So, that is why I say HF combined (TPS/SNH) pretty much owns (will own) a substantial, if not majority float of the new WMI2.
We make money if the SNH/HF make money. In order to use our NOLs, we have to merge w/ someone that is in the SAME business, ie, reinsurance business, otherwise our NOLs are worthless.
imo
I believe the HF can still make a really good profit even though we (Nate Toma) Fudged up their plans for taking 100% of WMI2.
So SNH (x 4) get 5% PLUS can take up to:
20% of the common float;
20% of the p float;
unlimited of the k float;
unlimited of the Dimeq (if there are willing to take the risk or if they still have inside info); and
this does not even include what they own in the REITS float.
Combined with the TPS's holdings, I am sure they will own a substantial amount of the float of the new WMI2, if not the majority.
Not only that, imo, originally, SNH wanted the NEW shareholders to be less than 300 shareholders so they do not have to report (take private).
IMO, odds are, when the WMI2 emerges out of BK, I would bet there will be an "offer" from some "company" want to buy your shares at "X" price and the SNH as the beneficiaries.
IMO of course.
This will be interesting to see because i think the HF only wanted a reinsurance co they were in control of, as it was at the time, a popular trend among HF managers, such as Einhorn & Cohen, and offered the possibility for huge returns as long as they were in control of raising the capitol and forging the deals
Quote:) Provide a conversion ratio for Preferreds and Commons into NewCo equity. Right off the top may be 5% of NewCo going to SNHs who decide to take common stock instead of being cashed out – I am assuming, that since the SNHs wanted NewCo in the past, wholly to themselves, that they still want whatever piece they can get – so I’m assuming that 5% will go to SNHs.
Phil (Mr. Math), who really owns WMI2 if:
"Outsider" hedge fund (TPS Group) own approx. $1 billion of TPS/REITS.
The 4 hedge funds (SNH) own approx $1 billion of TPS/REITS.
SNH own a max of 20% of P. (4 SNH x 5% = 20%)
"Outsider" hedge fund own P, but I do not know how many P or how many "outsider" hedge funds there are. (Each hedge fund x 5%)
SHN have no max restriction on K.
"Outsider" hedge fund own K, but I do not know how many K or how many "outsider" hedge funds there are.
SNH own a max of 20% of commons.
"Outsider" hedge fund own a max of 20% of commons.
SNH own no max of Dimeq.
"Outsider" hedge fund no max of Dimeq.
Assuming 95% or 100% (5% being an option for other creditors).
I know you can't find out what the exact numbers, but I can tell (without doing math) the TOTAL hedge funds combined are the true owners of WMI2.
IMO, since there was a settlement, who wants to bet that the "outsider" hedge fund and the SNH are best friends now and will work together to maximize their control/ownership of WMI2?
The other variable is how does DIMEQ impact the split of commons and what is it worth to the hedge funds?
Just some thoughts.
All my opinion of course.
Guys, keep in mind that there are 2 sets of NOLs. One associated with WMI and the other associated with cancelling WMB shares. They can only use 1 set.
They are going after the NOLs by cancelling the WMB shares (the largest set) because they will have unrestricted use going forward (these are not capital gain/loss NOLs like you and use it for).
The Debtors/SNH/EC have already planned the use of NOLs.
There won't be any impact from Dimeq re: NOLs in any class they are in.
imo
Of all of the millions for attorneys, Leamey managed to get a reduction of:
$1,781.75 from Pepper Hamilton LLP
$7,300.00 from FTI Consulting, Inc.
and
$836.00 from Ashby & Geddes P.A.
A total of $9,914.75, that's only about 10 hours worth of billing from BriBri.
But
Quote:.... Weil, Gotshal & Manges LLP (lead counsel). The U.S. Trustee noted
certain fee and expense issues that required explanation and also requested
certain fee and expense reductions. The firm has not yet provided responses
to the U.S. Trustee’s questions. ....
http://www.kccllc.net/documents/0812229/0812229111216000000000010.pdf
There is no effect on NOLs because shares are being exchanged for new shares.
imo
I doubt the EC would (can) prejudice the preferreds anymore based on the 70/30% split.
The way I look at it is there are only 2 real pools (Dimeq is #3):
Pool 1: Initially, Preferrds pool consisted on p/k only. TPS/REITS lost their battle and are in appeal, meanwhile TPS/REITS dilute p/k by more than double dilution.
Pool 2: commons.
Dimeq coming in and diluting commons pool should not be factor of reallocating the 70/30 in favor of commons. The 70/30 split is already bad enough for prefferds.
... and I agree, Dimeq prospecus is based on "commons" pool.
Commons got a great deal out of this settlement.
imo of course
Based on the dime prospectus only the commons can be diluted in the event they are classed as equity(30% to approx 9% ownership of newco shares). The prefs can only get a haircut if the ec agrees to re-jig the settlement to reduce the effect of dilution on the commons.
Your offer of "50 share at $23.45" must have executed by now. Current: B/A $24.00 x $24.95 eom
We know that first, TPS wanted their $13 billion (approx) collateral, they lost that battle and they are now in appeal.
Last settlement, TPS believed they were the fulcrum (which benefits us p/k) and they wanted 100% of WMI2, plus the $50 million. They were "ok" with that.
Today (POR v7), TPS/P/K will receive 70% (plus 50 million), which is 30% less that the original TPS projection.
In my opinion, TPS knows they cannot get 100% of WMI2 today, however, I believe they will get more than 70% and settle which also benefit us P/K.
Bottom line: TPS will settle for the $50 million and a little more than 70% of WMI2.
imo
what do you believe are the chances that the TPS group does not sign the release and goes for the DC appeal?
I would love to see them do that as it would add $$$ to the waterfall.
With that said I expect them to except their 50 mil. offer from JPM and sign the release.
Saw this link posted on the commons board by Loves2shop:
http://www.kccllc.net/documents/0845664/0845664090824000000000014.pdf
The quotes below is what I quickly extracted, but I have to get back to work and cannot go through the entire document.
3. Michael Willingham is a licensed certified public accountant, but he does not have a
permit to practice. Willingham Deposition, 22:5-10. He has a litigation consulting business.
Willingham Deposition, 13:20-21; Willingham Resume, UST B.
4. He also served as an equity committee representative in the Mirant and Calpine
bankruptcy cases.
Brown Rudnick and Willingham Meet in the Mirant Case:
After the Court approved a plan in Mirant, Willingham was appointed as the equity
committee’s representative on the board of Mirant Corporation Asset Recovery, LLC (MCAR).
For serving on the board, the MCAR pays him:
a. $25,000 per annum;
b. $1,500 a board meeting;
c. $20,000 a month; and
d. Up to one percent of litigation proceeds.
I believe in 2 times value plus x $0 is still $0.
I believe in something is better than nothing.
I believe in a bird in the hand is better than two birds in the bush.
I believe in taking calculated risks.
I believe in facing reality when confronted with it.
I do not believe in conspiracy theories.
Winners:
JPM
FDIC
Attorneys
Willingham (and 1 or 2 others on the EC)
Commons
Seniors
Senior subordinates
Justice favors deep pockets in the good ol' US of A. The deck is stacked against equity and it is an up hill battle.
Need to understand, as the landscape changed, we have to adapt and reallocate our positions.
Long term, all equity will be making money.
Commons beat the odds of getting extinct and got (30% of) what was destined to be in the hands of the hedge funds, WMI2 .... and other "stuff". Commons won.
imo
VooDoo, time to take off the Rose Colored Glasses. Commons got a great deal and made off like bandits in this settlement.
If you go to litigation, commons get zero.
If there are any disallowance from litigation, commons get zero.
If all crediotrs were to be crammed down, commons gets zero.
Try to wait out the creditors, commons get zero.
Commons will get zero in all scenarios other than settlement so long as the GSA is intact.
Commons are lucky they got 30%, while the majority of all BKs, commons get a big fat Z E R O.
Dr. A's numbers mean nothing in BK. You can only work with whats on the table, period.
VooDoo, commons got a good deal. If I were you, I wouldn't be complaining.
imo
Since you are good at math (I am not): 5% max possible for creditors to participate in NEW WMI.
The question: Which is cheaper for them? Take the 5% participation or do NOT take the participation and go into the market and purchase shares up to the max 5% (or 4.xx%) for P and commons, and no max on K?
Keep in mind since DS is released and mediation (I assume is over other than POR verbiage), everyone can freely trade/accumulate/sell, etc.
If it is takes too much research, don't bother, since I do not want you to go through the trouble. Off the top of my head, I believe is is cheaper to buy open market.
imo
reasoned advise please
I have 300K shares of WAMUQ which amounts to a little over 10K newco shares based on the new structure conversion.
Would it be wise to sell off all and exchange them for WAMPQ? Based on my own DD I am pretty positive that moving all into WAMPQ will be the better option. I can take a loss of $ over share # in the new co.
I know this is not the WAHUQ board but I believe that also is a good option knowing that they are being paid full $34.
Please advise.
"[N]egotiable", see quote below:
ARTICLE XXIII
PROVISION FOR TREATMENT OF PREFERRED EQUITY INTEREST (CLASS 19)
23.1 Treatment of Preferred Equity Interests: Commencing on the
Effective Date, and subject to the execution and delivery of a release in accordance with the
provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including,
without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro
Rata Share of seventy percent (70%) of (a) subject to the right of election provided in Sections
6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common
Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of
Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any
Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at the
Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a
different percentage should apply, the foregoing percentage shall be adjusted in accordance with
the determination of the Bankruptcy Court and be binding upon each holder of a Preferred
Equity Interest. In addition, and separate and distinct from the distribution to be provided to
holders of the Preferred Equity Interests from the Debtors, pursuant to the Global Settlement
Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in
Article XLI herein, on the Effective Date, JPMC shall pay, or transfer to the Disbursing Agent,
for payment to each Releasing REIT Trust Holder its pro rata share of Fifty Million Dollars
($50,000,000.00), determined by multiplying (a) Fifty Million Dollars ($50,000,000.00) times
(b) an amount equal to (i) the principal amount of REIT Series held by such Releasing REIT
Trust Holder on the voting record date with respect to the Sixth Amended Plan divided by (ii) the outstanding principal amount of all REIT Series (which is Four Billion Dollars
($4,000,000,000.00)); provided, however, that the release of claims against the “Releasees”
delivered in connection with the solicitation of acceptances and rejections to the Sixth Amended
Plan shall be deemed binding and effective for each Releasing REIT Trust Holder; and,
provided, further, that, at the election of JPMC, the amount payable to Releasing REIT Trust
Holders pursuant to this Section 23.1 and Section 2.24 of the Global Settlement Agreement may
be paid in shares of common stock of JPMC, having an aggregate value equal to the amount of
cash to be paid pursuant to this Section 23.1 and Section 2.24 of the Global Settlement
Agreement, valued at the average trading price during the thirty (30) day period immediately
preceding the Effective Date. While JPMC’s maximum liability pursuant to this Section 23.1
and Section 2.24 of the Global Settlement Agreement is Fifty Million Dollars ($50,000,000.00),
JPMC’s liability shall be reduced to the extent the Releasing REIT Trust Holders comprise less
than all of the outstanding REIT Series holders.
23.2 Cancellation of REIT Series: Notwithstanding the provisions of Section
23.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the
certificates and all other documents representing such Equity Interests shall be deemed cancelled
and of no force and effect. For the avoidance of doubt, this Section 23.2 shall have no effect on,
and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in
accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal,
equitable and beneficial owner of the Trust Preferred Securities for all purposes.
23.3 Cancellation of Preferred Equity Interests: Notwithstanding the
provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity
Interests shall be deemed extinguished and the certificates and all other documents representing
such Equity Interests shall be deemed cancelled and of no force and effect.
25.1 Treatment of Common Equity Interests: Commencing on the Effective
Date, and subject to the execution and delivery of a release in accordance with the provisions of
Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive
such holder’s Pro Rata Share of thirty percent (30%) of (a) subject to the right of election
provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the
Reorganized Common Stock and (b) in the event that all Allowed Claims and Postpetition
Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed
Subordinated Claims), any Liquidating Trust Interests to be redistributed, each to be shared on a
pari passu basis with holders of the Dime Warrants to the extent that Dime Warrants are
determined pursuant to a Final Order, to constitute Equity Interests or subordinated to the level
of Common Equity Interests in accordance with section 510 of the Bankruptcy Code; provided,
however, that, in the event at the Confirmation Hearing and in the Confirmation Order, the
Bankruptcy Court determines that a different percentage should apply, the foregoing percentage
shall be adjusted in accordance with the determination of the Bankruptcy Court and be binding
upon each holder of a Common Equity Interest.
I am sure you can send it anytime before the objection deadline (in the hearing they mentioned January 4th ?, I am to lazy to look for the official deadline right now), however, I would probably wait for the TPS objection to copy a few of their excerpts.
imo