IMPORTANT UPDATE!!bold will be my comments and the statement will be from docket #555 please keep in mind i might not translate this correctly so if i am wrong feel free to correct me. thanks to amex they made this negotiation happen and the deal was made
-Amex helped negotiate the Restructuring Support Agreement, general unsecured creditors of Aegean were entitled to receive
$40 million in cash on the Effective Date and 100% of the proceeds of what is estimated to be
approximately $300 million in litigation claims
for this part i believe the 40 mil goes directly to aegean and it seems like they still get majority of the 300 mil as planned
-According to the supporting filings,
the sale would add $681 million in value for the Reorganized Debtors’ estates through a credit bid, assumed liabilities and a small amount of cash.
im not sure how much they paid for aegean but the way i see it here is that they only have to pay a small cost (around 300+ mil of litigation claims) to gain an extra 300 mil from assets in aegean
-As part of the proposed sale, Mercuria was to obtain (for virtually no
consideration) over $300 million in litigation claims4 arising out of the fraud that precipitated the
filing of the Reorganized Debtors’ cases, and recovery for general unsecured creditors at Aegean
was uncertain. Sale Motion.
once agreed to purchase mercuria became responsible for the 300 mil litigation claim (just know that mercuria already accepted the deal and will pay unless they back out of it which is now unlikely)
-The Plan obtained nearly universal
creditor support and provided for, among other things: (a) payment in full in cash of all administrative and priority claims, (b) payment in full or the reinstatement of all secured claims,
(c) payment in full in cash of all unsecured claims at Reorganized Debtor subsidiaries of Aegean, (d) payment of $40 million in cash and 100% of the net proceeds of the Litigation Claims until
paid in full to the holders of Aegean Unsecured Claims, and (e) after the Aegean Unsecured Claims are paid in full, holders of Interests in Aegean to receive the remaining 100% of the net proceeds
of the Litigation Claims.
it seems like our litigation claims was increase by 40 mil to 340 mil because they will be paying 40mil in cash ontop of the 300 mil so if we have the 340 mil - 267.1 mil of unsecured = 72.9 will remain to the aegean holders which is share holders i think this would confirm it "Importantly, the fees and expenses would be funded on top of the $40
million in cash slated for the general unsecured creditors and would, therefore, not dilute any
creditor recoveries."
-The fees and expenses sought in this Application are reasonable, and payment of such fees and expenses from the Reorganized Debtors (Mercuria) is appropriate under the circumstances. Such payment will not impose any burden on Aegean’s unsecured creditors, yet
will acknowledge the significant value to the estates created through the efforts of Amex and its
counsel.
none of the amex fee and expenses will be involved with the now 340 mil that belonds to us mercuria will pay them separately
-Without Amex negotiating alongside the Committee professionals, this case very
likely would have resolved with the initial Mercuria deal proposed at the commencement of this
case—a section 363 sale of all of the Reorganized Debtors’ assets without fair value for the over
$300 million in litigation claims and uncertain recoveries to general unsecured creditors. See Sale
Motion. Instead, the Restructuring Support Agreement led to a now confirmed and effective
Chapter 11 Plan that includes: (a) payment in full in cash of all administrative and priority claims;
(b) payment in full or the reinstatement of all secured claims; (c) payment in full in cash of all unsecured claims at Reorganized Debtor subsidiaries of Aegean; (d) payment of $40 million in
cash and 100% of the net proceeds of the Litigation Claims until paid in full to the holders of
Aegean Unsecured Claims, and (e) after the Aegean Unsecured Claims are paid in full, holders of
Interests in Aegean to receive the remaining 100% of the net proceeds of the Litigation Claims.
In approximately one month of negotiations, Amex and the Committee increased the recoveries to
unsecured creditors of Aegean by at least $25 million in cash proceeds and proceeds of Litigation
Claims potentially worth $300 million.
here is what amex did and also it seems like amex was also able to add about 25mil ontop of the 340 mil that i mentioned earlier so i believe it is now 365 mil in litigation - 267.1 mil unsecured = 97.9 mil which leaves us with, so share holder will recieve 97.9mil / 53mil = 1.85 per share for all aegean share holders these number can change depending on the roughly estimated 300mil that the claim originally was file and also the extra 65 mil was me putting what i read together so i might not interpret it correctly so if im wrong let me know
LET GO ANWWQ
