I have some unsecured notes of JCP (The junior bonds). The wording of the approved reorg plan says I shall receive up to the full amount of unsecured notes claim, its pro rata .. etc etc. unless I choose a less favorable pay-out arrangement.
What does that mean exactly? Since my bonds are an unsecured credit notes class, I filed a claim, for the total value of the bonds (approximately $50,000).
Does this mean I get the full amount of my claim + pro rata + earn out?
Each Holder of an Unsecured Notes Claim shall receive, up to the full amount of such Holder’s Allowed Unsecured Notes Claim, its Pro Rata share of any portion of the $750,000 of Cash distributed to the Unsecured Notes Trustees on the Effective Date remaining after the application of such Cash to the indemnification claims of the Unsecured Notes Trustee pursuant to the Unsecured Notes Indentures, plus its Pro Rata share (taken together with the Second Lien Notes Claims and General Unsecured Claims) of any Cash remaining in the Wind-Down Reserve once all Allowed Claims entitled to payment therefrom have been satisfied, no Disputed Claims that may be entitled to payment from such sources remain to be adjudicated, and all First Lien Claims have been satisfied in full, plus its Pro Rata share (taken together with the Second Lien Notes Claims, and General Unsecured Claims) of the Unsecured Claims Earnout Pool.
