Replies to post #5165 on Dime Bancorp Inc (fka DIMEQ)

[eighty]

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7954746


ARTICLE XXV

PROVISION FOR TREATMENT OF COMMON EQUITY INTERESTS (CLASS 22)

25.1 Treatment of Common Equity Interests: Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive such holder’s Pro Rata Share of thirty percent (30%) of (a) subject to the right of election provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common Stock and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed, each to be shared on a pari passu basis with holders of the Dime Warrants to the extent that Dime Warrants are determined pursuant to a Final Order, to constitute Equity Interests or subordinated to the level of Common Equity Interests in accordance with section 510 of the Bankruptcy Code; provided, however, that, in the event at the Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a different percentage should apply, the foregoing percentage shall be adjusted in accordance with the determination of the Bankruptcy Court and be binding upon each holder of a Common Equity Interest.

[wall_street61]

If they can pull those funds from D&O insurance, I bet they would if it mean getting the plan passed, and I doubt equity would argue

GPG,

I was just thinking the same thing. Assuming that they put $250 Million on the table from D&O and started negotiating from there... maybe a combination of money from the escrow set aside and some common stock (not too much to anger the commons holders)... maybe take some from the preferred shares' pot a little.

Not to put a damper on the conversation, but the EC would probably raise 3 shades of hell if the D&O option were put on the table, period. They are relying on the D&O remaining funds to some extent as possible windfalls for the litigation trust.

Furthermore, while we don't have enough public information available to ascertain whether a D&O option is available, it is more than likely that the coverage would have to be triggered by a court's judgment, which is something that hasn't happened yet.