Wednesday, January 20, 2010 11:33:17 AM
http://www.kccllc.net/documents/0910156/0910156091221000000000006.pdf
This is a document that was the objection from the EC regarding the bondholders ad hoc agreement. Included, it has a 300 plus page court transcript. On page 26 of the transcript, he gets really annoyed with an attorney named Spraygen who represents the debtors. In it, he brings up equity and common shareholders. Essentially, he says "I realize what you say the company is worth. That doesn't mean the shareholders get true market value of what the company is worth. If you say "hey, we agreed shareholders get 60 million..." and then gosh the company is really worth 300 million what then?"
He spends several pages in the transcript talking about true equity value. He also gets annoyed that the plan that was voted on by bondholders is leaving shareholders out. He notes specifically that no disclosure statement was made available to bondholders at the time of the vote. There was no provision in the lockup for bondholders to change their vote if a disclosure statement came out that they disagreed with.
If you read his position (and I highly recommend reading it because he is great) you may feel a bit better about digging in your heels and ignoring the day trading garbage.
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