Dime Bancorp Inc (fka DIMEQ)

[wall_street61]

Wall_Street - are you still leaning to Class 18? I'd love to hear your thoughts.

Yes, unchanged.

This is a flip-of-the-coin deal and debtors always enjoy home field advantage.

60-40-0, 18, 12, 21 respectively

While congress created 510(b) because of common equity holders, in that they were the class that was most likely to try to boot strap their way over preferreds or other higher priority classes to reach the level of general unsecureds, it also applies to every other security that may try to inch up the priority ladder for the reasons set forth (ambiguously) in the language contained in the statute.

Even if a debt security that is higher in priority than general unsecureds wins a derivative claim based on their security, that claim will be subordinated to general unsecureds if the situation fits 510(b). 510(b) works both ways. In other words, a debt security in this situation would be paid according to priority in the waterfall, then lower classes are paid including general claims, then that debt security's derivative claim would be paid, if there was such a situation, in class 18 as we have here.

The tranquility claim actually makes me lean more toward 18. But it is what it is and we'll know soon enough.