This is what the FDIC said at the time- not WAMUq. You imboldened the Wamu part but it was actually the FDIC which was quoted. And as I posted b4- it's a whole new ball game with the nearly 4 billion dollars which imo the FDIC was unaware of . As you know there are now lawyers for numerous parties trying to get a better handle on the assets. September 26th speculation is just that- speculation. And as I posted b4 I was in PRGNq and the same things were bandied about by each side, PRGN emerged and the common were not wiped out- even though nearly every "analyst" said they most certainly would be.
By: monkeyfrogdotcom
22 Jan 2003, 08:26 AM EST
Msg. 15265 of 19006
(This msg. is a reply to 15262 by wpb-pbg.)
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Peregrine Systems(R) Files Plan of Reorganization and Disclosure Statement
- Full repayment proposed for bondholders, other creditors - Value preserved for shareholders - New board to be appointed for reorganized company
SAN DIEGO, Jan 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- Peregrine Systems, Inc. (OTC: PRGNQ) said today that it filed its Plan of Reorganization and Disclosure Statement on Jan. 20 with the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The Plan offers a blueprint for restructuring the company, including reinstatement of bondholder claims, full repayment of most unsecured debt under extended terms, preservation of value for shareholders, and a proposed resolution of shareholder class action claims.
"Our filing of the Plan and Disclosure Statement reflects significant progress in our Chapter 11 proceeding," said Gary Greenfield, Peregrine's CEO. "The Plan is a fair and reasonable restructuring proposal, and we believe it sets the stage for Peregrine's successful reorganization. It will allow us to maximize the value of assets and distributions to creditors, minimize our expenses and provide sufficient time to pay our debts. We have proposed repaying our bondholder debt in full, as well as most other unsecured creditors, while also preserving a substantial amount of shareholder equity.
"We value the support that we have continued to receive from our customers, partners, employees, vendors and others, who have allowed us to use this process to lay the foundation for our future success," he added. "Completing our reorganization under this Plan will allow Peregrine to move forward as a viable and independent software business."
The Plan also calls for appointing a new, five-member board of directors for the reorganized company. It would consist of four independent directors, as well as the company's CEO. Additional oversight is prescribed to assure independence of individuals nominated. Peregrine intends to ask the court for approval to retain an outside search firm to identify and present nominees for these board positions for appointment by the time the company emerges from Chapter 11.
The Plan and Disclosure Statement were filed in bankruptcy court yesterday within the 120-day period in which Peregrine has the exclusive right to file a Plan. The Official Committee of Unsecured Creditors does not support the Plan at this time and may not elect to do so. The Disclosure Statement requires bankruptcy court approval, and the company hopes that a hearing to consider it could be as soon as February 25.
If the court approves the Disclosure Statement, it will be sent to creditors and equity interests, to the extent that their claims or interests are impaired under the Plan, and the company will commence solicitation of votes for confirmation of the Plan by certain classes of creditors and equity interests. The company hopes that a hearing to consider the Plan's confirmation could be as soon as April 2003.
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