Hi Garyst,
Looking at a June 5th article it looks to me that the shareholders will get nothing. Just the Bondholders and the creditors. The dissentors of the new re-org are the existing shareholders.
"Under the proposed plan, the debtor's $200 million in cash would be divvied up between senior noteholders, owed $691.1 million, and general unsecured creditors, owed between $6.3 million and $10.3 million, with both groups receiving the remainder of their claims in new stock.
Recovery for senior noteholders is estimated at 29 percent, a few points higher than that of general claimholders, the statement said, because while the treatment for both groups is essentially the same, the senior creditors will receive distributions that would otherwise go to subordinated noteholders per the underlying indenture agreements.
The plan “provides the greatest amount of value for the assets” and is backed by the creditors committee, said attorney Jordan A. Wishnew of Morrison & Foerster LLP, who represents the committee. Judge Shannon approved the committee's letter in support of the deal, copies of which will be mailed out with the disclosure statements.
PMI Group's statement was largely uncontested, Barry said, noting the debtor had resolved concerns presented by the U.S. Trustee and the Arizona receiver.
The only dissent came in the form of two objections filed by individual shareholders, which Judge Shannon overruled on the ground that the issues they raised did not go to the statement itself."
Coupe
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