Rather than cancel the TOPrS and the commons and pay the creditors...they cancel the commons and give the TOPrS new equity in New Corus?
This allows Tricadia the opportunity to rehabilitate and unwind the TOPrS at a better return to the creditors.
That would probably be the "slight change" we had heard about.
From the POL:
6. Notwithstanding Article IV.G.1 and Article IV.G.2, the Plan Administrator shall be deemed the
holder of all Equity Interests in New Corus on and after the Effective Date solely to effectuate the terms hereof,
provided, however, that, notwithstanding any provisions to the contrary contained in the Plan or Plan Administrator
Agreement, the Plan Administrator shall not sell, convey or otherwise transfer any equity interest in New Corus
absent: (a) the filing of a motion with the Bankruptcy Court; (b) notice to the Plan Committee and the Securities and
Exchange Commission; (c) entry of any order by the Bankruptcy Court authorizing any such sale, conveyance or
other transfer in accordance with Article IV.E.1; (d) such sale, conveyance or transfer occurs after New Corus has
filed a Form 15 to terminate its reporting obligations under Sections 12(g) and 15(d) of the Securities and Exchange
Act of 1934, and any regulations promulgated thereunder; and (e) such sale, conveyance or transfer would not result
in New Corus becoming a public reporting company under the Securities and Exchange Act of 1934, and any
regulations promulgated thereunder.
