ATPG Senior 11.875% 2nd Lien Bonds (fka ATPG.GE)

[56Chevy]

First of all the 2nd Lien Prospectus (which was drawn up years before the BK) limits what they can onject to and what they can't regarding 1st Lien holders motions in a BK.

But it's hard to say ...this could be a lost cause and they essentially abandoned their post without selling. That may be hard for retailers to wrap their mind around but it happens all the time in BK's. They invest with OPM.

...Or if you were negotiating with the DIP to take control would you be objecting to where things stand today? Probably not.

I do think however the sale has problems and could be denied as it stands today.