I had been struggling with us being placed in class 12 as while we won the case there is still an appeal pending which in my mind placed us in a different class than Joe the plumber providing work to fix a plugged toilet. My logic was based on the belief of lets say we won, were placed in class 12 and received a payout based on such, yet JPM losses their appeal. (Don't scoff as Benjamin Franklin Bank won $54M and then lost on appeal years later).
If one is a regular contributor to the board can someone please talk me down off the ledge of 18 vs 12 WHEN we win. I am not concerned about the merits of our case as if one was we wouldn't be here today.
We know that as of September (outside of mediation the waterfall stopped at Class 16). Each month that waterfall slows down a little more (a lot more for PIERS as they have truck most of the water back up the mountain).
Did not Judge Walrath and the Debtors agree upon the $ 334 M and Class 12 status? And if Judge Walrath deems the LTW as Debt Securities would not the LTW at least be equal to the PIERS?
In my opinion - the Class 18 status is just a switch/ploy by the Debtors to try to protect Class 16 PIERS.
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