Regent Communications Inc (fka RGCIQ)

[The Rainmaker]

No date set yet, trying to get shareholders more than approx. .13 per share. Saying cash pay out should be closer to 83 cents per share. Asking for one of those shareholder committee's like WAMUQ did. My guess is they settle somewhere around 50 cents per share cash payout to shareholders.

Anytime someone says they're giving you a gift you know they're trying to screw you. Management giving themselves 8% of new company. Judge might see right through this and come through for shareholders and allow the shareholders committee.

Under the proposed plan, general unsecured claims would be paid in full but existing equity would be canceled. Existing equity holders would receive their pro rata share of $5.5 million (approximately 13 cents per share), which is characterized as a "gift" because the debtors assert that existing equity is out of the money.

Utilizing Oppenheimer's valuation of Regent resulted in a net asset value of negative $50 million available for common shareholders. However, Resilient Capital's proposed modifications to Oppenheimer's methodology would result in a net asset value of $36 million (or approximately 83 cents per share).