>>Bottom line though they could come out of BK tommrrow though?<<
No, not really. If any equity bidder came forward that would have an offer more attractive than the POR offers the bondholders, the offer would just change the POR that will be presented to the judge in June.
Are you safe until June? I doubt it. Leaks of what the shareholders will or will not receive can come out at anytime. If the news is good, the sahres could go higher. If not, well....
Something to keep in mind ...the bondholders pretty much control the process. They are the ones that the company said, "if we don't pay what we owe you, you can have our company." The bondholders do not only want the face value of their bonds and accumilated interest, they also want a premium built into the shares that they are to receive to compensate them for the risk they are taking with accepting the common in exchange for debt. They will also make sure the POR makes future profitability almost a certainty so CPN doesn't end right back in BK court. All this can't happen and the current shareholders getting anything at BK exit IMO.
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