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Enterprising Investor

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Thursday, 05/28/2020 9:19:24 PM

Thursday, May 28, 2020 9:19:24 PM

Post# of 2601
The First Round Investors placed $5 million in escrow for purposes of Plan Distributions and future business operations of the reorganized Debtor.

First Phoenix SPV, LLC, shall, in exchange for the payments and contributions, receive newly issued common stock of New FNBC.

Does anyone know about how many shares of stock First Phoenix might receive?

Based on the number of "old" shares outstanding as of 10/14/16, I would guess about 19,230,000.

And if I am correct, First Phoenix would be paying about $.26 per old share.

How did I come up with this estimate? Normally, new money investors are limited to a 49 percent stake for Section 382 purposes.

https://www.law.cornell.edu/uscode/text/26/382

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

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