Aegean Marine Petroleum Network Inc (fka ANWWQ)

[TenKay]

I am pretty sure that is not how it reads. I think I made the same mistake. They are referring to the “pre-petition equity” as opposed to the new equity that will be issued to Mercuria. The “pre-petition Equity” is what is trading in the market now. So what folks are “trading” is the potential that the “B” trust units represent.

All of the current shares will be cancelled as a result of the bankruptcy and a distribution will be made of the trust units when that happens...kind of like a liquidation dividend only it won’t be cash but the Trust Units.

They will not be tradeable in the market unless they are registered via an S-1...which I doubt will happen.

They only claim the Trust Units will have is the residual to litigation proceeds after the secured and unsecured creditors are paid.

However the chances of a residual beyond that are small because in any settlement negotiation there will be little incentive to go beyond whatever is necessary to keep the unsecured creditors whole.

The current equity has ZERO leverage in this...and won’t be at the negotiating table.