I am not sure you understood my question - which could
have been worded better.
If you recall, the 3,000 Series B Preferred Units
were issued to the Sellers/Debtors. The Debtors, other
than SHC, are to distribute their Preferred Units to
Equityholders, and SHC is to distribute its Preferred Units
to Senior Second Lien Obligations.
I am thinking that the Senior Second Lien Obligations
could be to ESL. Following is a portion of ESL’s Credit
Bid that may be the Senior Second Lien Obligations:
From PG 7 of 315 of Docket # 1730:
“ . Subject to Bankruptcy Court approval, a credit bid
pursuant to Section 363(k) of the Bankruptcy Code of:
iv. obligations held by Buyer and its Affiliates as of the
Closing Date in an aggregate amount equal to
$433,450,000 under (x) the Second Lien Term
Loan; (y) the Second Lien Line of Credit Facility;
and (z) the Second Lien PIK Notes. “
