Medley Management Inc. (MDLM)

[56Chevy]

We have ALOT of time to kill. Like the majority of bankruptcies this too will move at a glacial pace forward.

So with that in mind I wondered if anyone else has asked themselves why the "Q"?

I've been around a reasonable amount of bankruptcy situations but I've not seen FINRA add the 'Q' to the security identifier when no actual filing for bankruptcy exists. ?? Maybe a few of you wondered the same thing.

In this case we have a member [Medley LLC] with publically traded debt but privately held equity that filed a bk March 7th under a parent [MDLY] who has publicly held and traded equity.

It gets very confusing when you view the entire Medley family and how its all inter-connected.

So what changed that added a 'Q' to MDLY? I think the answer lays within the Plan.

The first Plan (which went immediately down in flames and rightfully so) called for the treatment of Class 7 equity holders (which are all privately held) to be unimpaired...all the while calling for treatment of class 3 noteholders to be impaired. It was a debt for equity swap which is not unusual but it left the controlling owners in place. So much for respecting the rule of absolute priority eh.

That old plan would have essentially left the same players who have continually steered the ship onto the reef in place and in charge after the restructuring. Why would anyone want these same guys who have no problem routinely rewarding themselves handsomely with a considerable string of failures to show to be left at the helm?!!

This new Plan calls for the treamtment of Class 7 equity to be impaired with no vote deemed to reject. The SEC knows if Medley LLC is to be liquidated according to the newest Plan that means MDLY is out of business without any source of sustaining income i.e. bankrupt.

The Plan added the Q.

Any other thoughts on this new plan? What am I missing? Why are there no objections as of yet??

We still don't have a ruling on exclusivity and may not for several days/weeks.

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Medley Management In (MDLYQ)
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