Whitebox believes the PIERS holders should vote AGAINST the plan….The Plan requires the PIERS holders to pay 726M in interest to holders of Contractually Senior Notes, leaving PIERS holders with a recovery of 94M [11% of the claim amt rather than 97%]…White box intends to object to the plan confirmation on the grounds that subordination does not require the PIERS to pay to senior noteholders the dif between the FJR and contracts rates, and if there’s an adverse ruling, plans to appeal…There is a risk however, that once the plan is consummated, an appellate court will consider the issue moot and decline to address it. If that happens, PIERS holders will lose 86% of the recovery without the opportunity to pursue an appeal ....if ruled in WBOX favor, there's a big dif between 11% or 97%
