Everyone needs to understand we have a great team within our EC. Mike Willingham has been there before and is a huge asset to have on our side. He knows the games the debtors play.
Notice on page 80 of the actual pdf, Michael Willingham was part of the Mirant EC. If you don't know, he is also part of our (WAMU) EC. He was very instrumental in getting the real valuation of Mirant and for the commons to be in the money.
Notice how the stock price went up when the Judge ruled for higher valuation.
I don't know the actual numbers, but it appears the debtors tried to screw equity. However, determination and diligence paid off in the end b/c commons were in the money.
"The Atlanta Journal-Constitution reports that a similar real-life situation may be developing. Houston accountantMike Willingham launched a campaign against bankrupt Mirant from a Yahoo Internet chat room. Stockholders have given him control of the votes for 23 million shares of Mirant stock! He is now on the committee appointed to represent the company's stockholders' interests. Shareholders typically lose everything in bankruptcy. Now they have a fighting chance of not losing everything.
U.S. bankruptcy trustee George McElreath said “There have been Internet chat rooms that have affected the course of bankruptcies, mainly because they can affect the price of the stock… all those proxies. I've never heard of [shareholders] doing something like that.”"
Here is the lawfirm who represented the shareholders...
"The Wilson Law Firm, P.C. of Atlanta, represented various individual Mirant shareholders in Mirant’s Bankruptcy Proceeding in the United States Bankruptcy Court for the Northern District of Texas, for the purpose of advocating a higher recovery to existing shareholders than the Zero recovery which Mirant had proposed by its January 19, 2005, Plan of Reorganization for Mirant, and its subsequent revisions.
The Wilson Law Firm, P.C., represented its clients during the entire valuation hearings, which lasted for 28 days during the Spring and Summer of 2005, during the valuation implementation committee proceedings during the Summer of 2005, and in the disclosure statement and confirmation hearings following the settlement reached in September of 2005.
Ultimately, the former Mirant Shareholders achieved a recovery of a 3.75% carried interest in New Mirant, warrants representing another 10% of the common stock of New Mirant, and half of net proceeds from certain litigation that was assigned to a litigation trust. The total value of this recovery exceeded $760 million as of the January 3, 2006 date of New Mirant’s emergence from Bankruptcy.
The public markets have subsequently confirmed that The Wilson Law Firm, P.C. was correct to advocate for much higher values for Mirant, as Mirant’s post confirmation value, as expressed by the Stock Market, has nearly doubled."
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