Elah Holdings Inc fka RELYQ (ELLH)

[Enterprising Investor]

I expect retail investors to vote OEC.

However, I cannot envision the OEC plan being confirmed alone. Bankruptcy cases are settled top down. Common sense would lead one to believe that it would be in Tennenbaum's best interest to accept the Signature Capital plan over the OCC plan just to get the $1.5 million bonus. As a senior note holder with no real power due to Tennenbaum's 81 majority stake, I voted for the Ranch Capital plan because they proven operators in distressed investing and the team with the best game plan. They also have some significant backers in past deals - Leucadia and Berkshire Hathaway.

The Ranch Capital plan focuses on distressed real estate investments. If you review the list of boards I moderate, you will see a common theme - banking and real estate.

A late uncle was a bomber pilot who was shot down three times. We only discussed business once. He was captured and sent to a POW camp, where he learned about a different type of "value investing". Cigarettes had tremendous value. Once he returned to Bavaria, he opened a textile business and sold clothing. Since many post-war Germans were land rich but cash poor, he also started buying real estate using the cash flow from the garment business. He later sold the clothing business to another uncle and focused solely on real estate. Both ended up wealthy. Once German became one country, he began investing in the New Berlin. He was not a German version of Donald Trump as little if any debt was used to finance projects. His philosophy was simple - if you owned the land, no one could take it back.

In my opinion, the time to buy real estate from property rich, cash poor investors is now.

Signature Capital is highly likely to end up with the TOPrS vote based on the large stakes controlled by Hamot and Amster. Hamot and his firm is a relatively unknown distressed investor that I have been familiar with for some time (LSRAF and TLSPE).

New World Acquisition, SC and RC also have followers with deep pockets. The wildcard will be the amount of securities these institutional investors hold and the impact of their votes.