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We have to have faith in the EC that they have this information. they negotiated this deal and should have the best interest for all parties. Ed Sargeant seemed happy with this deal, Willingham seemed happy with this deal they should have the numbers you seek. Someone yesterday mentioned that the equity committee had some type of press release that will be released with more details....
I hope and have a feeling that this plan will be on the fast track to get confirmed. This is the first time that I have heard any comment from the Susman Team or from Willingham saying that they approve of the plan.... thats the Big Q for me with these kind of statements. Besides Judge Mary wants this over with....
The difference between this settlement and the last settlement that was rejected from one of the parties is that equity will get the entire company. That's huge from my seat... The last potential settlement that was rejected seemed as if equity was going to get majority ownership in WMMRC and the SNH would be our partners. So it seemed on the surface that equity would have owned 51% of WMMRC and the SNH would have received 49% ownership. Using the same basic math that would have given preferred owners a 35.70% ownership in WMMRC and U's a 15.30% ownership in WMMRC.
This go round that almost survived another potential confirmation, but was rejected again by Judge Mary by demanding that all parties go to mediation barred some new fruit from the tree.
This settlement go round provides equity holders 100% to 95% ownership in WMMRC along with litigation rights and working capital funds as start up funds for the new company.
70% ownership for preferred classes and 30% ownership for common shareholders. That's a 35.30% increase in ownership for preferred classes from the first potential settlement offer.
The commons will see a increase in 14.70% increase in ownership from the first potential settlement offer.
I would agree with the fact that Susman team have extracted an additonal 50% increase for both equity classes from the first go round settlement offer.
The rejection of the first offer paid off some good dividends for both classes of equity. It was a major risk not accepting the first offer but Susman team came through and had the POR rejected for a second time.
Count your blessing and be happy that equity survived and beat the odds... This could have been another K-Mart and SNH would have been lauging all the way to the bank with payoffs and 100% ownership in WMMRC... I for one are very grateful for all the hardwork that many shareholders, and the Susman team has provided for us.
As I have mentioned before I hold a large ownership in P's and have no problem giving 30% ownership for common shareholders. I'm not a greedy person and I feel that both should reap the potential rewards.
Sorry I meant Settlement Noteholders...
When the debtors were going to own WMRRC by themselves did they not asses a value of $25 dollars a share? Or what was the value or buy in amount of each share the debtor presented in the very 1st POR.
I"m excited to say that I'm glad this morass has been settled.. Finally we can move forward with 70% ownership of NEWCO. Remember the settlement noteholders wanted this new company for a reason. Yes that's right it's long term value and now we own this company with out them. It's not exactly what I was looking for as a preferred owner, I was expecting some cash and new shares but it's the best deal we have and lets move forward in positioning this company as a viable and profitable entity.
Things are finally looking on the up and up around here.... Lets hope this proposed settlement makes sense for everyone. I'm not a greedy guy but I will tell you that my holdings consist of 90% P's and 10% U's.... I still beleive that the the absolute priority rule will be enforced with some consideration towards U's to survive. Thats what my gut tells me... Will see....
Is today the 8th yet? Dang hurry up....
we have been bottomed out in the 20"s for some time now. $2 up with low volume has got my attention..... hmmmmm
My take is a deal has been struck and will be annouced tomorrow.
Judge Lyon has turned Rosen into his baby cub... Rosen sounded so low key and tamed...
all sounds good.... whats a few more weeks...
This Sh_t getting really old... Waiting and Waiting and Waiting...
It's obvious equity will not be wiped out... the question is when will this mess get resolved and how much will equity get....
Still in a waiting pattern....
Even though JPM and FDIC not included initially in mediation process you can rest assure they are the puppet masters of the debtors and will be involved behind the scenes so that they look innocent from the publics perspective.
Overall good day from Judge Mary standing her ground after strong attacks from debtor, JPM, FDIC, and others in favor of confirmation today.
Judge Mary definately wants equity members to get a piece of the pie unforunately in doesn't sound like a very big piece...
Why don't Judge Mary explain what she had in mind within her opinion in regards to the scope of mediation? Would this not be much easier...
I wonder how high Rosen will raise his voice tomorrow... Gonna be exciting!!! Banking on Judge Mary shutting his baby crying.....
Good Stuff EC/TPS!!! Thanks for the insight.... Rosen your hosed!!!!
Trust me these crooks will try every angle to get the judge influenced, but I'm in agreement with you that she has to stay the course. My seven cents worth...
I'm sure all the political powers will be calling in favors to individuals that may have influence on Judge Mary tonight. I'm sure Judge Mary's phone will be burning the night tonight getting her to catch Rosens Hail Mary.... Big Day in Court Tomorrow!!!! This is Bigger then the MLB Playoffs!
I'm walking on egg shells over here waiting until tomorrow to see if Judge Mary will take Rosen's bait. My pocket book tells me that she won't but my heart tells me she might. I hate these slick games that the debtors play..... Oh well let ride... I wish we could hear something from Susman or TPS but there silence speaks not to worry.
EC's silence speaks volumes once again. Rosen is still playing his games with the court. Rosen is looking for a last chance hail mary and it's not going to happen. Just remember last time the EC had zip lips.... Rosen knows if this thing goes to another vote he is pucked.
Have I missed discussion/opinions as to why TPS did not appeal the Stern or Anico rulings????
Always.... LOL
You always look at the glass half empty... You have your take I have mine.
Hedgies appeal and attack on Judge Mary in my opinion is away to spin the media and to allow away to save face and hopefully have the opportunity to settle with equity....
Excellent reads..... thanks
Rosen was definately pushing to get the scope of mediation much earlier than the 7th or 6th of October... hmmm
Chiron, I would gladly accept $1 today instead of $2 five years from now.... $1 today is worth so much more to me than five years for now or longer.
Yeah I agree Uzual... but unfortunately this judge is looking for a settlement which includes equity... It would have been nice if she would have taken down the GSA but that would have been going against the most powerful forces in America. She has pissed off JPM, FDIC, creditors, Debtors by not approving the plan twice now and she has disappointed equity investors by not slamming the hammer down on this sh_t... She's want's a compromise settlement pronto! Just my take....
Nice articule... More media ammo for settlement negotations.
As I have reviewed the judges opinion in regards to the Stern ruling and jurisdiction. It's my read that Judge Mary clearly states as long as there is compromise and settlement she has jurisdication. So her plea to all parties to attend mediation to get this settled within her court. She clearly wants all parties to settle or else huge problems for SNH's and a complete mad house of a fight between all parties that will continue to drain the estates fruits. My take on this opinion is that if there is no settlement or compromise completed within her watch then at the time she loses jurisdiction. So can the evil empire afford not to get this settled with equity now before they risk losing the protection of this court.... Strictly my take on this opinion towards jurisdication and Stern Ruling.
Uncle.. Thanks for the response.. I leaning in the same direction.
Excellent Breakdown......
Thanks... I kinda feel the same way that it will include all parties to some extent, but primarily with EC and SNH.... It sounds as though JMW is firing the last warning shot and praying these guys come to a settlement amongst each other.... I'm not to optimistic about a reasonable resolution during mediation but I hope I'm wrong.
Can someone clear something up for me.. I'm having trouble understanding if the mediation is strictly for EC and SNH or all parties involved... Does anyone have a good read on this?
Like I said a super conservative number....
Don't forget also that the WMMRC is significantly under valued based off the judges opinion. The NOL"s should be worth atleast 5 billion... There is value in WMMRC that equity could be the sole owner...
SNH's are vacating the WMI house... Bye Bye!!! Hope you guys look good in orange.
Thanks!!! lot better...
I having a very difficult time hearing the audio... anyone else???? not complaining by no means just can't hear very well..