Bluzie2 ... a lovely day like this. You and Jared should be out raking leave and not posting to the Boards.
The point you make about "priority" is obviously so significant. If we can be classified as taking precedence over the Pfd, then I should think we are golden.
I do not "wait" very well. Plus its hard to hold a fork and knife with all the fingers crossed.
My worksheet is an attempt to make the calculations of the estimated LTW value on conversion or upon settlement. There is no indication that it is a settlement as I understand that it is part of the BK.
Disclosure Statement 6 @ 14(a)ii and (b) on p55 clearly note that the various adversary procedings have been consolidated and coverted into one Class Action on behalf of the LTWs. In DS 6, the debtor has indicated that upon success by Broadbill/LTW Class Action, the LTW's will be moved from Class 21 (behind preferreds and ahead of commons) to Class 12 and the liquidating trust shall reserve $194.1M as the maximum amount of the award entitled to the LTWs.
Again, my worksheet is for an understanding of the calculations for conversion or cash settlement. It is based only on the $356M and does not include the $63M (possible total of $419M) as also detailed in the DS.
I've made the correction for the 85% factor as pointed out previously. Thanks. Yep, it is just over the $2 expectation that others has referred to.
Ignore the MAX factor calculations as those were for my own benefit in estimating what the estate could save by transacting the award receipt through WMI and utilizing its NOLs.
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