And, your logic, not mine, would suggest that all those folks, around $40M worth of debt, have been paid in full somehow with $4.3M. Must be like that fish story I remember from Sunday school.
Whatever the monitor meant with that wording "amounts subject to the KERP charge," they did not mean the secured creditors have all been paid (heck, they were still arguing over the crumbs a couple weeks ago) and did not mean the employees were paid their KERP bonuses, because they weren't.
If there is any interest in the facts, then click those two links for the motion and order for KERP, and especially pay attention to the subordination of the KERP payments to the DIP lender and all secured debt on the page # I referenced. Further, all anybody has to do is look at the cash flow sheets included in the monitor's reports to see there has never been a payment made for KERP.
