linda,
i still want to think about your closing comment which i have pasted below:
________________________________________________________________
However - I do not think that the SHLDQ shares
will be exchanged with new Holdco Shares
because Holdco is not a reorganization of Sears
and is its own Entity. I do think that the new
Holdco Common Shares will be distributed
according to the POR and the SHLDQ Shares
will continue to trade until either the Debtors
emerge from Bankruptcy as a newly
Reorganized Company with the remaining Assets
and Stores not sold off, or until the end of a
Liquidation Plan and all proceeds of the
Liquidation are paid out.
__________________________________________________________________
docket # 1989 at page 15 is a schedule of retained restructuring professional fee disbursements and u.s. trustee fees. note there are no trustee fees.
as opined in a previous post, it is my feeling that if/when the apa is approved, the shc chapter 11 case will be converted to a chapt 7 case and there will be a trustee appointed to oversee the liquidation of shc's remaining assets which were not part of the apa.
that process will take some time.
here's where i am conflicted as to the direction this will take. IF the chapt 11 case is transferred to a chapt 7 case, there will be no reorganization since shc will be liquidated. if there is no reorganization, it seems there would be no need for a plan of reorganization.
that somewhat begs the question if the shldq shares survive to be converted to some type of transform holdco shares, where will that transaction/exchange be memorialized?
esl didn't file bk so els wouldn't need to file a por. if shc is liquidated, there is nothing to reorganize.
any thoughts on how this might be resolved would be most appreciated.
i agree that shldq shares will continue to trade until some resolution is reached. for an exchange to occur, seems like shldq shareholders have to be identified as of some decision point in time, shc would cancel the shldq shares, and those shldq shareholders on some "date of record" would get new shares in some proportion to the # of shldq shares which they held. whether that is 1 for 1 or some other ratio, i don't know.
again, struggling with the mechanics since i don't see the need for shc to be filing a por if there is no reorganization of shc.
help!
