Basically, he linked to a file that states the previous proposal that was submitted for vote. Equity shareholders did not get a vote as we were getting no value on the backside and without an Equity Committee noone to fight for us.
This file said the the previous proposal was approved by several classes such as unsequered creditors and class 5 (title?) - Equity was class 4 - that were both above and below us and they took haircuts as well. because of that he approved the plan as is and equity gets nothing.
That said its been dead money for a while. Strange thing is why they walked (TOPS) from a $150M NOL. I have no idea how to value it but there is some value there for them to just leave behind.
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