..... The Tranche Matrix .....
As Tranche 3 has now been closed down, Currently we still have to filter through a few Tranche 4 issues and then we move on to Tranche 5 ... which entails, either the scrutiny or final distribution, of remaining issues ... Then, Tranche 6 issues, are the distributions for the 19's / 22's simultaneously at the famous and precedent setting, 75% / 25 % split .. disregarding apr (absolute priority rule).. (which to this day angers many) ...
People are just now beginning to understand that the purchase of these piers securities, (Tranche 4), as were promoted on message boards was probably not the best decision to be made at hand ... please see below, which explains some of what people are currently going through regarding tax ramifications ... and their wait for cash distributions ... remember, the piers are currently listed at a capped rate, not a gauranteed rate, and piers holders were not able to participate in any issued Trust Tracking Warrants ... only the equity holders that released, received Trust Tracking Warrants and will be participant within the Tranche Matrix pay mechanism .. as designed within' the Plan
The reversing of the Pay Line or the Tranche Matrix, placing equity below 510(b) final issues, was a huge accomplishment for the equity team that actually participated within the arms length final mediation ... (attachment H of the Plan)...
AZ
"Regarding Preferred Income Equity Redeemables .. (Piers); The debt securities generally have a deferrable interest clause that allows the company to defer distributions for up to five years at their option and for any reason but not beyond the maturity date. A distribution deferral will generate a very unpleasant situation for the preferred holder as the tax laws require the holder to pay taxes on the deferred but accruing dividends even though the holders is not receiving any cash."
