Replies to post #1 on Merrill Lynch Depositor Inc (PIY)

[Enterprising Investor]

A holder of a $25 Certificate received $29.710145 in principal amount of Frontier Communications Corp. 7.05% Unsecured Debentures due 10/01/46.

I paid $2,905.74 for 216 certificates representing $5,400 in principal amount or 53.81 cents on the dollar. I received $6,417 in principal amount of bonds worth $3,336.84 today.

Class 10 - Senior Note Claims

[...]

Treatment: On the Effective Date, each Holder of an Allowed Senior Notes Claim shall receive (i) its Pro Rata share of and interest in the Incremental Payment Amount that is to be made on account of such Holders’ series of Senior Notes; and (ii) its Pro Rata share of and interest in (after first reducing, for distribution purposes only, the amount of such Holder’s Allowed Senior Notes Claim on a dollar-for-dollar basis by the amount of Incremental Payments, and solely to the extent actually paid):

A. 100% of Reorganized Frontier’s New Common Stock, subject to dilution by the Management Incentive Plan;

B. the Takeback Debt, if any; and

C. the Surplus Cash, if any.

Even a blind squirrel finds a nut once in a while.