$35,000,000 claim / $1.69 (closing price the day before the petition date)
=
20,710,059 shares. That's a hair over 10% of the float.
Are you *sure* the claim wasn't modified later? Were the holders of that claim voting in Class 19/21? If so, I assume they'll need to provide releases via a Master Ballot, and they're not listed on the voting results filing... here's hoping they forget ;D
I know you've posted this before, but something just doesn't seem right about this stipulation - SG, the EC, or both should have known about that and ensured we were aware of it before voting so as not to mislead us in the DS with the 95% number... I feel like I need more information.
(Just looked, claim 3835 is still listed as an allowed "general unsecured" claim on kccllc.net)
If this turns out the way you're painting it, that's one hell of a convoluted way to allow a claim... Market cap on the day before the BK petition was roughly $2.873BB. This "stipulation" agreement effectively turns what would have been a 1.21% owner into a 10.36% owner. Granted, the debtors had no intention of actually paying the claim back then, (equity was still getting cancelled), so they felt safe promising the moon. Why didn't they just convert their claim to common stock, if that was the intent in the first place? (Rhetorical question... this is actually getting me pretty worked up now, so I'm gonna go watch some taped episodes of Fringe, I'm still like 8 or 9 episodes behind.)
Well, now we know who actually won the WaMu lottery, I guess.
News 
Market Data 
Discover 
