I know you want people to understand what they own, joe.
They've BK'd the Parent Holding Company and have shown signs of re-capitalizing as toogood suggests. However, they aren't "funneling up" the assets as far as I can see.
But, if they don't, it looks like the Plan will sell everything with a tax withholding account from the NOLs that will be credited to the CTs and OBS.
COD will not happen for Senior Creditors according to the plan. They can make other arrangements as can remaining Sub Debt, maybe equity in a new holding company. They're mostly "Big Boys", sitting at the Discount Window with Fed Rates dropping, some of whom have been working with the Judge's instruction to buy & sell claims all along.
But, the old equity and equity hybrids will be out of the Estate and "paid in full". If they've broken prospectus covenants to address all concerns, they'll pay for restitution.
What this means for any other OBS interests isn't clear: 0% - 100% for common to cumulative preferreds, some with particular capital structure covenants. The Attorneys are on it. When the Indenture Trustee gets something earmarked for the CTs, they'll distribute it.
It looks as though this is what they want to move forward with and start a new holding co with a new charter someplace.
IMO, it depends how it pencils for the Attorneys and others in control of the politics and agenda.
Good luck.
