Thursday, October 24, 2019 12:51:38 PM
It is one way of moving this forward and seems that is in the direction of the POR, Courts and hired re-structuring groups.
If the restructuring moves forward with $112.8B in NOLs, the $11.139B of CTs & Preferreds FV and cumulative payments is covered by the tax impound account.
These equity obligations can be likely restructured at lower rates, if necessary. Debtholders have not stepped forward with additional financing. GS has sold $628M+ of their claims as documented in the Dockets. Citi has been transferring claims.
So, why keep them in the deal? I think a lot of this was bought back by the Estate for pennies anyway.
That would leave the unpaid, non-discharged old debt positions, common and $260M Court-approved ESOP payment with possible other charges to represent ownership in a new Holding Company at the discretion of the Court.
The profitable subsidiaries can move forward with proposals to control the Holding Company, too, especially as the Aurora operations and other more "spurious" operations are contained and settled.
Why involve other financials? It seems JPM & BNYM can solve these restructuring issues with resources if they see fit or the Estate can move it overseas with Barclays or Deutsche Bank and consolidate the tax impound account benefits from the NOLs stateside before eventually moving the Holding Company overseas.
IMO.
GL
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