If true, that would be awesome. I find it hard to swallow. I am sure there are things they had contracts that extended through 2011,but paying for it in advance through 2011? Come on. Now, those contracts could fall under the preferences category where the Trustee will request some of the monies get paid back similar to the Advertsing deal with Ad Media. That deal is for $19 million. How much of that will they actually be able to recoupe?
I am curious where the $76 million came from in October. Where did the nearly $200 million come from in September? August numbers were showing they were sitting on less than $50 million in cash. Now, well over $300 million. That is why I jumped back in. Did you notice their investments continue to bring them some money each month. They also have the website agreement, name agreement, which could generate another $5 million over the next couple of years.
The real questions going forward.
1. How much of the debt will be completely discharged?
2. How much of the debt has already been settled for .20/dollar?
I am seeing more and more settlements at or near what the initial claim was filed for. I am not talking about secured creditors either. I am talking about unsecured creditors.
I noticed in their October numbers they agreed to pay the pension fund $33 million. I thought that was all covered by the insurance. That signals to me there will be some cash left over. Why? I have to go back and read the DOCs relating to the pension, but if they are paying out any sort of monies, that means there would be some money left over.....JMO
The only reason for the Pension Insurance was an umbrella if they couldn't meet their pension obligations. It looks like they may be ok. JMO :)
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