negotiations and voting ... When I spoke with Markowitz he said there are "ways" to negotiate with the investor and Trustee. The "plan" and the "disclosure statement" are negotiable until they are signed, sealed and delivered. Jerry said they really can't act on the proposal until all the cards are on the table.
I read in the "plan" where third party interests may invest another $500,000,000.00+ in the venture too. This may end up being much bigger than most of us think. SPE's are generally formed with a pupose in mind. So we'll just have to see what the "Investor's intentions are ... maybe acquisitions ... but that is speculation at this point.
Regarding the "vote" on the plan. The creditors are "assumed to have approved the plan" and will not be solicited for a vote. The SEBC common shareholders are "assumed to have rejected" the plan and will not be solicited for a vote. The SEBC Preferred shareholders, the only two parties are the FDIC and Norfolk Southern Corp., will be solicited for their vote. So this is very nice and neat.
RE:
DD from the public judicial record ..... here is the accounting of the Preferred and Common stock of STBP/SEBC ....
Series A Preferred stock = 600,000 shares ...
registered to: Atlantic Investment Company c/o David Shelton, Esq. Norfolk Southern Corporation Three Commerce Place Norfolk, VA 23510
Series E Preferred stock = 240,000 shares ...
registered to: FDIC Division of Resolutions and Receiverships Manager, Capital Markets and Resolutions 1776 F Street NW Washington, D.C. 20006
Common stock - Unknown** holder: The Depository Trust Company C/O Southern Business Center 18301Bermuda Green Drive Tampa, FL 33647
.... the DTC is the record holder of SEBC common stock for the benefit of more than 50 financial institutions, brokerage firms and other participants, many of which, in turn, may hold their participation interests for the benefit of clients, customers and other clients.
** According to SEBC’s 10Q filing for the fiscal year ended December 31, 1990, there were 34,329,064 million shares of common stock outstanding as of that date. SEBC website ... http://www.sebcglobalsettlement.com/faq.htm
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