We are waiting on confirmation orders from the court granting the Trustee's motions filed on December 17, 2008. I have been checking the court postings every day. Once the orders are issued the Trustee can proceed with actionable steps to finalize the deal.
http://www.sebcglobalsettlement.com/pleadings/SEBC031.pdf pg 92.... the estate pays investors legal fees up to $900,000 pg 94....this should be done on or before March 16, 2009 (plan confirmation date) pg 135 .... assumed effective date April 30, 2009
After past hearings the confirmation orders granting the Trustee's motions were issued within 1-10 business days after the hearing. I think we get these orders the first full week in January, 2009 because of the holidays. Then the Trustee will proceed.
IMO, I believe many investors have contacted both Mark Bloom and Jerry Markowitz. I believe that both Jerry and Jim Feltman are negotiating the best deal for the common shareholders that the Investor will tolerate. Therefore I think another version of the "Plan" and/or "Disclosure Statement" may be submitted to the Court before it is approved. I still don't have a clear picture of how the preferred and common shareholders are being compensated for the investor's use of the NOL's for all our benefit.
Best to all ... good luck, good investing and Happy New Years !!!
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