EVOQ Properties Inc.(fka EVOQ)

[Enterprising Investor]

"Fair and equitable" requirement under § 1129(b).

The issue: Did Charlestown demonstrate that the $.35 price at which the Debtors' shareholders would be forced to sell up to 55 percent if their shares under the Charlestown Plan - and over their objection - meet the requirement for confirming a plan over a dissenting vote of a class of shareholders?

I will let the Court determine this answer.

However, I do not believe that $.35 or even $.45 can be deemed as "fair value". Tender offers place a ceiling on trading prices depending on the expected outcome. For example, once Legendary/EWB reached a settlement and it appeared that the Debtor Plan had the votes to win, the market price rose to $.62 on 2/07/11.