NorthWestern Corporation (NWE)

[Enterprising Investor]

NorthWestern filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code on 9/14/03.

The company emerged from bankruptcy on 11/01/04.

Under the Second Amended and Restated Plan of Reorganization and Disclosure Statement reflecting a settlement agreement the company reached with Harbert Management Corp. and Wilmington Trust. Under the terms of the agreement, Harbert Management Corp. and other holders of NorthWestern's Trust Originated Preferred Securities, and other subordinated creditors who so choose, will be eligible to receive, pro rata, 8 percent of equity and warrants exercisable for an additional 13 percent of the common stock in the reorganized NorthWestern. Senior unsecured debtholders and general unsecured creditors of the company will receive approximately 92 percent of the reorganized NorthWestern's equity, based on the agreement.

Despite purchasing TOPrS on 7/21/03, I eventually received equity in New NWE with a basis at $18.84. Never sold. It is now worth 248 percent more at today's close of $65.58. My cash yield is 11.68 percent ($2.20/$18.84).

In addition, the warrants were exercised for additional shares at $26.92 per share on 8/30/07.