Mose - While many just refer to P's, there's actually just a singular class -- for TPS, Ps, and K's. TPS and P's are face at $1000 and K's are face at $25 -- the word used is "pari-passu" -- so whatever happens with the P's happens the same to TPS and K's -- in "a $1000/25" ratio -- eg, a 1:40 ratio.
(NO, I am not saying $1000 face and $25 face -- I'm saying that's how the calculations are done -- the ratio -- 1:40)
So as currently proposed, the SNHs will get up to 5% of NewCO. And the "class" that is TPS/P/K's gets, of the remaining 95% -- 70% and Commons get 30% -- of NewCo commons -- eg, both classes get converted to NewCo commons -- at the ratios mentioned and proportionality mentioned.
That 70% will be divided among all current TPS/P/K's in the TPS/P's vs. K's at 1:40 relationship.
The 30% goes to current WamuQ commons, and possibly some factor of DimeQ's now as well.
And the 70/30% is subject to the court adjusting it.
Also read the TPS filing.
...Catz
P.S. I highly -- I mean highly -- suggest all investors do the appropriate math based on their current holdings. You have the figures above -- simply, do the math.
If anyone else wants to proffer DIFFERENT math -- please quote from the POR and/or Disclosure and/or the EC's Q&A how it differs.
If you can't, or won't do the math. Then isn't math what is required to do investing?
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