Replies to post #5180 on Dime Bancorp Inc (fka DIMEQ)

[wall_street61]

What do I mean? It's simple. There is a claims reserve for DIME. They get class 12, they get the reserve, ie 337 million, or equivalent value.

PIERS go poof, and whoever else under 12 (unless subject to a 9019), except for the value given to the preferreds and commons, unless they get hammered by the 2nd step death trap.

It's accounted for in the current plan version. Like it or not.

[wall_street61]

Thinking about this pisses me off about the Trustee for the PIERS.

I sent a couple of emails to counsel for the trustee. Pointed out a strategy to remove the FJR subordination issue from the POR. Needless to say, I didn't get a reply. Fearing this outcome, I sold my PIERS about a week and a half ago. If you want competent representation, you need someone with pecans in the sack.

Your PIERS Trustee is incompetent. They could have blocked confirmation, but chose to rollover.