Audacy Inc (AUDAQ)

[bkshadow]

Focusing on assumptions at this time. "Upon the Effective Date" means the Plan of Reorganization HAS BEEN APPROVED. It has not. It has not even been considered. The bankruptcy will not even begin to play out until February and it will LAST MONTHS. During such there will be Equity holders who will make the case for the debt for equity exchange valuation, the value of reorganized debtors Net Operating Loss carryforwards if accompanied by 50% or more of pre filing equity holders and qualified debtors (18 month holders, generally). The NOLs are worth hundreds of millions. If the debtor pleads they are valueless, it is simple. We'll take them (equity holders) and abandon all of the subsidiaries to the supermajority debt proponents.

Then we'll see. If they want just the radio subs (they are all subs) they can have them. We (equity) will keep the holding company debtor. All they have to do is file and claim the NOLs are worth nothing and then a pony show of IRC limitations. Been there done that. They'll lose now with WAMU case history (and current roll forward valuation of former equity holders).