We won't know until the POR/DS is filed, however, 35% to the Union was described as worth "hundreds of million" and the hedge funds involvment was also described as "hundreds of million". So to me, hedge funds portion will be similar to Union's PLUS the hedge funds distress debt purchased, which may push their ownership above 50% of the NEW Patriot in favor of hedge funds.
All we know is that OLD equity is gone, the question is if they will be allocating a small portion to OLD equity if OLD equity makes a big stink of it, but without an EC... I doubt it.
The way it is going, I don't see anything going to OLD equity if Patriot has to raise new money and more financing from hedge funds.
Don't hold me to the numbers as I am just using it as an example.
I have to get back to work, good luck.
imo
