Re: Arrangement / Compromise Disclosure?
posted on
Sep 07, 2012 05:12PM
I can make an argument that if the leave to appeal is dismissed the 16 cent resistence level could be tested. That seemed to be the high water mark when the DIP as proposed was considered better than a stick to the eye. One could make another argument that once it is dismissed the noteholders have a huge incentive to allow cry to emerge from CCCA. If common sense prevails with the noteholders (lol) and management has not rolled out the red carpet for them then I see them getting some shares to accept a reorg plan. If management gives away too much it hurts their MIP and Tenor's cut. So to make a long story monotonous maybe 15% percent might do the trick to make everyone happy. That is just a WAG and who knows if it even in the cards. I personally think its worth giving up 15% to emerge from bk because it makes cry more of a legitimate (lol) play with much more room for upside and more in line with GRZs market cap while we wait.