Replies to post #10564 on Corus Bankshares Inc. (fka CORSQ)

[hang ten]

Off the top of my head it was $109m for about 26% of the Trups.

Tricadia is the holder of trust originated preferred securities ("TOPrS") issued by
various Corus Statutory Trusts with an aggregate notional amount of $109 million. As such,
Tricadia is the single largest holder of the TOPrS and, in all likelihood, the single largest
undisputed creditor in this case.

Tricadia's claims make up approximately twenty-six percent of the Class 4 TOPrS claims.

[hang ten]

This is something Errett and I discussed a few weeks ago.. We weren't sure if Tricadia bought the Trups at 'face value' which is basically full value, irrespective of market price (which might be around what they'd get at POL price, right?)

It seems though Tricadia actually did pay something like face value, since 26% of the total Trup debt is just over the $400m mark.

Seems significant to me..