linda,
guess my take is the apa will serve to reorganize a portion of what was once shc. even if shc were a sub of holdco, can it be firewalled off sufficiently to keep esl out of their problems?
that begs the question, is an approved apa sufficient to permit esl to go forward or do the provisions of an approved apa have to be incorporated into a por which provides for the spinoff of the transform holdco assets leaving the remaining mess with shc to plod through?
if shc is a subsidiary of holdco, then it seems that shld stock is associated with shc, a bankrupt entity. NO?
it's that confusion which makes me think/prefer for a new stock to be issued with a portion of that new stock exchanged for shares of shldq stock.
i just have trouble understanding how the existing shares can be separated from shc. seems like that would require more than a pen stroke and if the sec had to be involved, why not a new share issue?
all beyond my paygrade but those are my thoughts at any rate.
regardless of how it is cut, my gut is that current shares will survive in some way.
