I'm not a lawyer but I am an accountant and I read each of the Liquidating Trust's quarterly statements with interest. (Looking forward to the next one in another month.)
There are currently enough assets available (just not liquid) to cover 85% of the PIERs stipulated face amount of 10.xx. (tax refund and liquidating notes.) The continued reduction in disputed employee claims I'm confident will cover the remaining balance of the LTI's pertaining to PIERs.
Also, to quote the latest quarterly report:
"Liquidating Trust Interests (LTI) are not issued to holders of subordinated claims and equity interest. Additional LTI's will only be issued to holders of subordinated claims and equity interests if proceeds exceed the face amounts issued to current LTI holders." P16 Note 1.)
And PIERS have already received their LTI's - now it's just a matter of when the cash will become available.
This post is my own opinion, and should not be relied on for your investment decisions.
