messages.finance.yahoo.com/Stocks_(A_to_Z)/...;tof=3&frt=2
Zitat toowan12:
Same with myadad and patience. Looks like POR7 is there last hurrah. What's up with bop though seems to want to live to fight another day.
Based on the irrational postings of these "saged" longs I am more suspicious than ever of this POR7 and for the need for additional members for EC. Remember objection deadline for objections is Jan. 4! Also remember that if you too see through the silly arguments being offered then remember the "Step 1" email to UST requesting more EC members.
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ZItat frozenpondg...:
well if you have a por that keeps commons alive while not paying PRFDS 1st lets us know...thank you.
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ZItat bopfan:
The deadline for objecting to the disclosure statement, not the plan, is January 4th.
After ruminating about the plan I see several grounds for objection, and it is not at all clear that the plan will be confirmed. If I can see this, Weil Gotshal certainly can. Things are shaping up around a very hotly contested confirmation hearing with TPS on one side and just about everyone else (except a few retailers), on the other.
My deep skepticism about the plan emanates from the dearth of cash. Frankly, $75MM is not enough to set up Newco, and the EC must know this. That money will be burned within a matter of months on rent, salaries, and other administrative expenses, not to mention what it costs to hire counsel and other professionals to get the company going. And what kind of company are we talking about? Will it be, within a few years, sufficiently strong to provide significant recovery to current WMI equity holders? My gut says 'no', and, again, everyone behind this plan must know this.
As soon as the $75MM runs out and the $125MM credit line is tapped, Newco is in debt. If Newco goes belly up, the creditors that issued the $125MM (probably the SNs, but that hasn't been disclosed, and their identities should be) will put Newco in an involuntary Chapter 11, and wipe out equity. Spending at most $125MM (nothing for a group of strong hedge funds) to buy an option on the Newco NOLs is a pittance.
Of course, if the EC has a buyer or merger partner in the wings, all is well. If it doesn't it means that for undisclosed reasons the EC, which must see that Newco will be undercapitalized, is indifferent whether it succeeds or not. Section 1129(a)(11) of the Bankruptcy Code speaks to this concern, which I expect TPS and other plan opponents to raise. The onus is on the EC to show it has a buyer or merger partner, and on Weil Gotshal to show the plan satisfies Section 1129(a)(11).
I agree with the shareholders who want four (4) more people on the EC. That's something we should be able to do without trouble. Additional members should provide some comfort and balance.
The EC should not have been willing to drop the IT claims unless those claims were worthless or the EC has a buyer in the wings such that shareholders will be protected by its deep pockets. We need new EC members to examine and weigh in on these issues.
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ZItat lawrencemea...:
"Remember that the reason equity agreed to settle with everyone was because we thought there was no way we could get our appeal heard before a plan was confirmed."
Well the EC SHOULD have done the same exact thing that TPS has done....and that is to have Moved for a Stay on any confirmation until their (EC's) Appeal was heard on the GSA F&R also on the premise of "due Process" being abused.....
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ZItat bopfan:
I don't know why the EC didn't push further. However, TPS appears to be all scorched earth from here on, and if it succeeds in delaying confirmation equity could be a big winner because, at a minimum, getting the $4B in TPS off the preferreds' backs is worth any wait, in my opinion.
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ZItat ketchuppost:
Has Walrath EVER ruled in favor of TPS in this case? I don't believe she has.
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Zitat marymbobh:
"I don't know why the EC didn't push further. However, TPS appears to be all scorched earth from here on, and if it succeeds in delaying confirmation equity could be a big winner because, at a minimum, getting the $4B in TPS off the preferreds' backs is worth any wait, in my opinion."
There is not a chance that Judge Walrath will give any stay to the TPS Consortium. Here's what they say in their own filing:
"The TPS consortium recognizes that the Court ruled that the Divestiture Rule was not applicable to the Sixth Amended Plan. But, the TPS Consortium respectfully submits tht the Court's articulation of the rule was unduly narrow. And, the TPS Consortium requests in this Motion that the Court revisit its ruling in light of this submission and in connection with the Seventh Amended Plan."
...not a chance...
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ZItat bopfan:
I agree she'll deny the motion, but they may seek mandamus and, frankly, I think their chances for getting their petition granted are quite good.
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Zitatende
MfG.L:)
Alles nur meine pers. Meinung, kein Kauf- oder Verkaufs-Empfehlung!