Phillipmax,
For now, this is all academic and several hearings (depending on how ardently Art et al. fight this) will most likely be needed to tease out the details.
Until we have the Judge's ruling, we don't need to worry that much about how we will be treated in the event of an equity classification.
I know it's hard not to get angry at the language in the POR, but I've been actively trying to remain in a zen state about the whole deal. I'll worry about the LTW Class 21 treatment only when the judge decides that I need to.
For what it's worth, I share some of your frustration. However, the silver lining is that now we have a lower bound value on the LTWs, which I think wall_street and others pulled up.
If we share 50/50 the 30% of Newco, then our shares are worth ~0.25 (maybe a tad more). This at least gives me a lower value to work from.
Just last Friday, the lower value was 0.0/share, which is much lower than 0.25/share!
Granted, I'm not saying that 0.25/LTW is fair... only that it is more palatable than 0.0/LTW.
What has my knickers most in a twist is this Class 18 business that has 0.0% recovery... that makes no sense to me. I keep thinking of Star Wars' Admiral Akbar, "It's a Trap!" I just hope that we can avoid it.
Best,
Jared
Market Data 
Markets 
AI
