AICI Capital Trust 9% Pfd (fka AICPQ)

[Olmsted]

Ok that understanding is consistent with what the numbers were telling me as well.

I recall that 'who is senior to whom' uncertainty from a couple years ago. I thought there was a good case for them to be pari passu. The trustee had mentioned that he (at the time) believed the Granite claim was senior because they had registered it against the operating sub and the holdco, not just against the holdco like our trust preferreds.

Appears he has acted upon that.

Will be interesting to see this play out. Now we need a good investment banker who can structure a recap (and preserve the NOLs), plus line up some investors.

Anybody spoken to the trustee recently to suggest a path forward here?

There's a pile of similar recap success stories we can point to: WMIH (recap structured, no acquisition made), CPMK (now BGRP), PMIR (still in progress), etc.