It Looks Like A Stockholder Will Get 0.
Did You Read The 10-Q?
No Stockholder Payments Anticipated. While the Indenture contemplated we would make payments to our stockholders as the Senior Notes were repaid, we have not made those payments. Distributions to stockholders are prohibited due to our financial condition. Based on our liquidation basis financial statements, we will not be able to repay approximately $1.2 billion of the Senior Notes. As a result, stockholders should not expect any payments or return on their common stock. Funds related to the restricted distributions have been held in a segregated account, pending their final disposition. We anticipate that those funds will eventually be paid to our creditors, not to our stockholders. If the funds were to be paid to our stockholders, affiliates of Berkadia (which are owned by Berkshire Hathaway and Leucadia), as owner of 50% of our stock, would receive half of those payments.
As discussed in Note G. “Litigation and Claims,” we filed a motion in the Bankruptcy Court, seeking an order that (1) we no longer need to direct funds into a restricted account, and (2) we may use those funds for general corporate purposes. On June 26, 2007, the Bankruptcy Court issued a final order that granted our motion in its entirety, but stayed that order until October 22, 2007. The final order is currently being appealed to the United States District Court for the District of Delaware by the equity committee.
"Your Vegas Is Showing"
I've been to Hollywood
I've been to Redwood
I crossed the ocean
for a heart of gold
I've been in my mind,
it's such a fine line
Later, The Team.
