3:39 COURT: DO YOU WANT TO PROVIDE A STATUS OF THE PLAN PROCESS?
3:42 ROSEN: EXACTLY WHERE I WAS HEADING, YOUR HONOR, THANK YOU. UH, YOUR HONOR, WHEN I STOOD BEFORE YOU, I BELIEVE IT WAS ON MAY 24TH, I WAS THERE TO ANNOUNCE THAT WE HAD, UH WE WERE ANNOUNCING A TENTATIVE SETTLEMENT THAT HAD BEEN REACHED AMONG THE EQUITY COMMITTEE, THE CREDITORS COMMITTEE, THE DEBTORS, AND WHAT WAS REFERRED TO AS AAOC, OR SOMETIMES IN OLDEN DAYS, KNOWN AS THE SETTLEMENT NOTEHOLDERS. UH, YOUR HONOR, I AM PLEASED TO REPORT THAT ALL OF THE PARTIES HAVE BEEN DILIGENTLY WORKING TOWARDS GETTING THIS DOCUMENTED; HOWEVER, IN SOMETHING AS COMPLEX AS IT IS, UH UNFORTUNATELY IT HAS TAKEN SLIGHTLY LONGER THAN WE HAD ANTICIPATED, AND WE HAD HOPED TO BE BEFORE YOU TODAY WITH THE 7TH AMENDED PLAN ON FILE [4:25].
AS THE COURT IS AWARE, WE HAVE CURRENTLY SCHEDULED FOR JUNE 29TH AND 30TH A HEARING FOR CONFIRMATION OF THE MODIFIED 6TH AMENDED PLAN, AND WE THINK THAT A LITTLE BIT LONGER IS NECESSARY TO SEE IF WE CAN REACH CLOSURE ON THE DEFINITIVE DOCUMENTATION FOR THE 7TH AMENDED PLAN, AND SO WHAT WE WOULD LIKE TO DO, YOUR HONOR, IS INDULGE THE COURT AND SEE WHAT IS AVAILABLE IN THE COURT FOR SOMETIME JUST AFTER THE JULY 4TH HOLIDAY.
WE HAVE SPOKEN TO COUNSEL FOR THE EQUITY COMMITTEE AND SPECIFICALLY WITH RESPECT TO THE DISCOVERY THAT THE EQUITY COMMITTEE HAD BEEN UNDERTAKING PRIOR TO REACHING THIS TENTATIVE SETTLEMENT, AND THE NEED FOR THE EQUITY COMMITTEE TO CONTINUE TO FINISH THAT DISCOVERY, AND LAST NIGHT I SPOKE TO MR. SARGENT ON BEHALF OF THE EQUITY COMMITTEE AND HE INDICATED THAT HE THOUGHT IT WOULD TAKE ABOUT 7 DAYS TO 10 DAYS TO COMPLETE THAT DISCOVERY, AND WE WOULD PUSH BACK THE HEARING IN ORDER TO ACCOMODATE THAT DISCOVERY TIMEFRAME.
OF COURSE, YOUR HONOR, IF WE'RE SUCCESSFUL IN DOCUMENTING WHAT NEEDS TO BE DOCUMENTED WITH RESPECT TO THE 7TH AMENDED PLAN, WE WOULD COME BACK AND REVISIT THAT TIMEFRAME YET AGAIN LIKE WE WERE GOING TO TODAY. SO, WHAT WE'RE ASKING YOUR HONOR AT THIS POINT IS, IN ORDER TO ALLOW THE PARTIES TO CONTINUE, NUMBER 1 IN ORDER TO ALLOW THE EQUITY COMMITTEE TO DO WHAT THEY NEED TO DO TO COMPLETE THEIR PROCESS; NUMBER 2, AND THEN FILE IF IN FACT THEY DECIDE TO DO SO A COMPREHENSIVE OBJECTION TO THE MODIFIED 6TH AMENDED PLAN, THAT WE PUSH BACK THE 29TH AND 30TH TO RIGHT AFTER THE JULY 4TH WEEKEND. I KNOW THAT THAT WORKED, UH FROM MR. SARGENT'S PERSPECTIVE; IN FACT HE HAD A CONFLICT LATER MID-MONTH, AND HE WAS HOPING THAT WE COULD GET IT DONE BEFORE THAT PERIOD.
[6:48] COURT: ARE YOU SUGGESTING JULY 5TH?
ROSEN: I'M OKAY WITH THAT. IF IT WORKS FOR THE COURT. I MEAN, OUR GOAL, YOUR HONOR, IS TO NOT LET TIME DRAG ON. AS MR. HODARA HAS SAID, ON SEVERAL OCCASIONS, IT'S VERY IMPORTANT FOR THE CREDITORS COMMITTEE AND FOR SOME OF THE INDENTURED TRUSTEES NOT HAVE THE ONGOING OCCURRENCE OF FEES AND EXPENSES, SO WE WANT TO KEEP THIS ON A STEADY AND FORWARD LOOKING TRACK. SO, IF THAT'S THE DATE, YOUR HONOR, WE'LL WORK WITH THAT - IF IT ACCOMMODATES OTHER PEOPLE'S VACATIONS, IF IT WAS A DAY OR TWO LATER, THAT WOULD BE FINE WITH ME AS WELL.
...
[9:26] COFFEY: GOOD MORNING, YOUR HONOR, JEREMY COFFEY, WITH BROWN RUDNICK, ON BEHALF OF THE TRUST PREFERRED GROUP. JUST A COUPLE OF QUICK POINTS - ONE, I UNDERSTAND THERE HAVE BEEN ONGOING NEGOTIATIONS BETWEEN THE PARTIES - WE HAVE NOT BEEN PART OF THAT. WE'D LIKE TO BE. WE HAD A MEETING YESTERDAY WITH THE SETTLEMENT NOTEHOLDERS - I'LL CALL IT PRELIMINARY BUT CONSTRUCTIVE - BUT TO DATE, WE DON'T KNOW WHAT THIS NEW PLAN WILL LOOK LIKE, IF THERE IS GOING TO BE A NEW PLAN.
SO I JUST WANT TO CLARIFY, THAT IF WE'RE TALKING ABOUT SETTING A NEW CONFIRMATION HEARING DATE, THAT'S ONLY WITH RESPECT TO - OR IF THERE IS NOT A NEW PLAN AND WE'RE GOING FORWARD WITH THE OLD PLAN, AND TO THE EXTENT THAT THERE IS A NEW PLAN TO BE PUT OUT THERE, THAT WE'RE GOING TO HAVE AN ADEQUATE OPPORTUNITY ONE TO LOOK AT A DISCLOSURE STATEMENT, TWO TO LOOK AT CONFIRMATION ISSUES.
UM, WHILE WE DON'T HAVE THE DETAILS OF IT, MY UNDERSTANDING IS THAT WHAT IS BEING DISCUSSED IS FAIRLY SIGNIFICANTLY DIFFERENT THAN WHAT IS ON THE TABLE CURRENTLY. I JUST WANT TO UNDERSTAND WHAT WE'RE TALKING ABOUT IF WE'RE SETTING A DATE FOR JULY 5TH.
[10:14] ROSEN: YOUR HONOR I THINK WE'RE IN VIOLENT AGREEMENT. THAT'S EXACTLY WHAT I SAID.
COFFEY: IF THAT'S THE CASE, I -
COURT: - SO THE 5TH WILL BE ONLY IF WE'RE GOING AHEAD WITH THE SIXTH MODIFIED PLAN?
ROSEN: YES, YOUR HONOR. I MEAN, IF WE ARE FORTUNATE TO FINISH THE DOCUMENTATION ASSOCIATED WITH A SEVENTH, WE WOULD BE FILING A DISCLOSURE STATEMENT, IF THE COURT THOUGHT IT WAS APPROPRIATE TO DO IT ON THAT DATE, WE WOULD CONSIDER THAT, BUT OTHERWISE, IT'S ONLY THE SIXTH ON THAT DATE, YOUR HONOR.
COFFEY: AGAIN, PENDING ANY UNDERSTANDING OF WHAT THE DETAILS OF THE DEAL ARE, WE MAY HAVE VIOLENT DISAGREEMENTS WHETHER OR NOT THE 5TH AND/OR 7TH IS AN APPROPRIATE DATE TO GO FORWARD ON WHAT IS EFFECTIVELY A NEW PLAN.
COURT: WELL, IT WON'T BE FOR THE PLAN. IT WILL BE FOR - PERHAPS FOR THE DISCLOSURE STATEMENT OR SCHEDULING -
ROSEN: YES, YOUR HONOR. AND YOUR HONOR, I JUST WANT TO SAY THAT, UH, WE HAD BEEN TRYING TO ENGAGE THE TRUST PREFERRED FOR SEVERAL WEEKS AND HAVE BEEN UNSUCCESSFUL. UH, YESTERDAY, WE ARE HAPPY THAT SOMEONE WAS ABLE TO HAVE A PRELIMINARY MEETING WITH THEM, BUT WE HAVE BEEN TRYING FOR SEVERAL WEEKS.
COFFEY: OBVIOUSLY THERE ARE TWO SIDES TO A COIN, YOUR HONOR -
COURT: I DON'T NEED TO HEAR BOTH.
...
[12:06] HODARA: ... GET THE IMPRESSION THAT WE DON'T EVER GET THESE IMPORTANT MATTERS FINISHED OR SUCCESSFULLY CONCLUDED IN OUR IMPORTANT CASES, BECAUSE OF COURSE TODAY WAS SCHEDULED FOR CONFIRMATION OF THE SIXTH PLAN, AND SO I'LL BE QUITE BRIEF BECAUSE MR. ROSEN NOT ONLY SAID IT CORRECTLY THAT MR. HODARA AND THE COMMITTEE HAVE BEEN RIVETED ON THE CONCEPT OF MAKING SURE THAT *A* PLAN SATISFACTORY TO CREDITORS GETS CONFIRMED AS PROMPTLY AS POSSIBLE, AND OF COURSE WE HAVE, AS MR. ROSEN REPORTED TO THE COURT AT THE LAST STATUS CONFERENCE, OVERWHELMING SUPPORT IN THE VOTES THAT CAME IN ON THE SIXTH PLAN, SO WE ARE VERY PLEASED THAT THAT PLAN HAS NOT ONLY REMAINED VIABLE, BUT THAT MR. ROSEN HAS ARRANGED WITH THE COURT FOR A DATE THAT IS AS CLOSE NOW AS JULY 5TH, AND THAT IS I THINK AS EARLY A DATE AS WE COULD HAVE HOPED FOR GIVEN THE CIRCUMSTANCES THAT HAVE DEVELOPED. WE ALSO APPRECIATE THE REPORT THAT THE EQUITY COMMITTEE HAS SAID THAT THEY CAN GET THEIR DISCOVERY DONE, IF WE NEED TO GO BACK DOWN THAT ROUTE, IN A PERIOD OF TIME THAT ENABLES A HEARING TO GO FORWARD ON JULY 5TH. SO, AGAIN, TO BE BRIEF, BUT IT IS THE ONE POINT WE WANT TO CONTINUE TO MAKE, WE BELIEVE THAT THE SIXTH PLAN IS FULLY READY TO GO, HAS THE VOTES THAT ARE NEEDED, AND IF THAT'S THE ROUTE THAT NEEDS TO BE TAKEN, WE WILL LOOK FORWARD TO THE CONFIRMATION OF THAT PLAN.
COURT: ALL RIGHT, THANK YOU.
While the wicked stand confounded, call me with thy saints surrounded
AI
