Speigs,
This is a good question and one that merits consideration. I presume that you have to be a holder of record to participate in any payout of stock.
However, as LTWs, we are a class adversary proceeding, meaning that all holders of LTWs are entitled to benefit materially from ownership of the shares.
My guess is that the Debtors will try to say something to the effect of "If you aren't in already, then you are not eligible."
However, I think that our class counsel will be infuriated at this...
Rosen has a tendency to use the "Scorched Earth" tactical approach to litigation... dragging things out and trying to exhaust the adversaries. Steinberg is a much higher caliber counsel and has routinely handed Rosen his proverbial posterior.
We'll see how this plays out in the end.
In short, my honest opinion is that I would put nothing past the Debtor's attorney to try and shaft LTW holders.
Best,
Jared
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