Nevermind, I found an old post from Aug 26,2010
Post #5140
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Billiam, The two interesting "new" names to the puzzle are Stonecastle and Tricadia.
Stonecastle is also listed in Master Service List (I am not sure why).
Tricadia appeared in the expense sheets of Kinetic (MM's company) as a potential plan sponsor/acquirer.
Both of these are CDO Managers.
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1.
I think they were all ready to release the POR in June itself - it has been drafted in co-ordination with plan sponsor and creditors. They are just waiting for a resolution with FDIC.
Proof of the above is that both Kinetic and Kirland&Ellis have charged CORS for preparing POR draft plans, revisions and conference calls with potential plan sponsor and creditors. The charge was for services offered for the period between June 15 and Jun 30.
2.
I feel that CDO owners do not own any CORS equity - the CDO owners are basically other banks, institutions, funds etc most of which have guidelines to what they can put their money into. These CDOs were all originally sold as AAA, AA investments.
Moreover, each of these CDO owners own a small piece of the debt. Though, they would like to get their principal back, since the amount is not much, it may not be too critical for them.
A third party Opportunistic Vulture fund that invests in distressed assets, like Tricadia would be interested in CORS for its future NOLs - but they would commit any capital (to buy new equity) only after FDIC is out of the way.
Anyway, who ever the plan sponsor is - we want it to be a shareholder as well, so that we have a representation in POR.
AI
