When it comes to disclosure statements, this one has got to be the most pathetic thing I've ever laid eyes on. PIERS are predicted @ 9% (74mil). First off, DIMEQ will end up dragging the court's opinion and order out a couple of months, most likely. I doubt their treatment in class 21 will go smoothly at confirmation (if it happens, which that is what the plan assumes). So in reality, you're looking at approximately 44 million/23 = $1.91 (subtracting 30mil for 2 months delay). BUT, as the disclosure statement said 'max 250'. Sure. What they are essentially saying is that about half of the claims in class 12 won't get anything, therefore that value will flow over to the piers and add to the 74 million. Really? The debtors missed the 'tranquility claim' that was just approved for vetting by the judge. That's another 49.6 million that stands in the way of the 'max 250'. Then you still have to account for DIME in class 12. DIME in class 12 is zero for piers, no ifs, not buts, and there's a good chance that may happen.
Even if you got the $1.91 or $3.22, you would have to wait until the claims were vetted to realize any additional payout that would add on to your recovery. That means another year or more waiting for a tip to find it's way to your mailbox. May happen, may not, but one thing is for sure and that is you won't be able to trade it upon confirmation.
Think of the '250 max aka $10.86' like this. The debtors don't disclose the probability of it happening, only the likelihood of 9% on a given date. Getting 250 is like saying you have a 50% chance of getting a date with the hottest woman you can think of, because it's 50% 'yes' and 50% 'no'. Now what is the actual probability?
Keep in mind that if the 'tranquility claim' had been approved by the judge prior to this last disclosure statement, class 12 may have had 49.6 million added to it and therefore putting the debtors estimation of piers recovery at $1.03, but only if confirmed by Feb 29. Two months delay = zero, again.
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