Mured...Don't think section (c) applies to us since it states it is for non Class 6 interests...
I think we are defined as Class 6 interests so the next section (d) applies
In the disclosure statement page 12:
"As of the Petition Date, 34,719,601 shares of Old SEBC Common Stock Interests were issued
and outstanding. To the best of the Trustee’s knowledge, however, the most recent listing of Holders of
Old SEBC Common Stock Interests is a Depository Trust Company list containing the names of financial
institutions and brokerage firms which hold Old SEBC Common Stock Interests in street name,
accounting for only approximately 12.4 million of the more than 34 million shares issued and outstanding
as of the Petition Date. Accordingly, Section VI.D.12(b) of the Disclosure Statement describes in detail
the mechanism set forth in Section 6.7(b) of the Plan for Holders of Old SEBC Common Stock Interests to
establish their Allowed Interests."
Now go to page 60 in section VI.D.12.(d) - (we are Class 6 interests):
"(d) Unclaimed Distributions to Holders of Allowed Class 6 Interests
After the SEBC Holdings Restriction Release Date, all new certificates representing the number
of SEBC Holdings Common Units into which Allowed Class 6 Interests previously represented by Old
SEBC Common Stock Certificates shall have been converted pursuant to Section 3.4 of the Plan that
have not been exchanged in the manner set forth in subsection (b) above shall be donated (on behalf of
the Holders of Allowed Class 6 Interests entitled to such SEBC Holdings Common Units), including any
distributions on the SEBC Holdings Common Units represented thereby, without interest, to a charity
qualified under Section 501(c)(3) of the Internal Revenue Code chosen by the Transfer Agent/Registrar,
such charity shall be deemed to be the owner of the SEBC Holdings Common Units represented by such
certificates, and any claim by any Holder of Allowed Class 6 Interests to such new certificates shall be
extinguished and forever barred."
Unless I'm reading this wrong...it looks like the charity will end up with more Class A common shares than we will without ever having to pay a cent or take any risk.
G
