To Austin01: Thanks for the help. I've asked that question 5 different time during the last 2 days and have'nt received an answer. That's troubling me a lot, and the answer lies at the core of my belief system in this trade. Mordicai (who is doubtless a highly trusted long) indicated in a post on the P board that "Maxwell got $350M and 20% of the NOLs" [paraphrased]. Were Walrath to agree with Mordicai, then that would value the estate for purposes of valuing the re-org company at $350M + $1.68B (or 20% of $24B, which is $4.8B, which would be, under the ideal circumstances of In Re Coram, further adjusted down to $1.68B (or 35% of $4.8B) = a net total present valuation of $2.03B.
Without more, in the way of insurance, windfarms, real estate, etc., etc., you understand my concern.
Moreover, IF the HFs are ordered to discorge, then that would add a further $2.5B = a total of $4.53B, meaning that my common would still lie some distance from the waterfall. Therefore, something's got to missing. But I haven't been able to find it.
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