It says "All amounts owing that were subject to the KERP charge" and that is not payment of the KERP bonuses to the employees. The KERP charge would fund the program from the sales if the other requirements were met.
The KERP funding was to be accumulated from the sales of the company, the assets, etc., remember the KERP was requested prior to the SISP closure, as those employees were deemed important helping PWC address the questions of potential bidders helping the sale fetch the highest pricing possible. Judge said OK, but only after the DIP and secured lenders got paid.
It is absolute hogwash to even suggest the secured lenders were paid the $40M they were owed, especially when the 12th monitor's report states SPECIFICALLY they were not (page 8, paragraph 28.5) and details the payments that were being made with court approval. As always, I highly recommend reading through the monitor's reports, they're a great read for the first time ever.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
