Nuevo Grupo Accionistas Minoritarios Post BK en marcha...
For those still awake after the bankruptcy effort, there is some importance to preparing for around the corner in Newco.
The post bankruptcy adversary is different than the bankruptcy ones and the venue is quite different. Although JPM is believed to be in a tiny bit, I don't expect them to remain or even be there after conversion as it would be wise ~ with what they got away with ~ to get very far away. The retail shareholder communication sources ~ GB, iHub, Germans and YB, etc. ~ have really been pounded down by time and results. Many are still banging the bankruptcy even though there is nothing there to do, that part is over. For those who stayed and will be converted to Newco, the game has not changed and retail is outnumbered, outgunned and outflanked.
I hate bullies. I hate those who have corrupted power and influence incongruent with those of decent people. What needs to be done for me is not about money, it is about principle. I know that this may put me on a road to nowhere, but it is what I want to do.
I've been communicating with specialty minority shareholder boutique firms about what Newco will be, the players and the game. They struggle with the concept of any reorganized entity even having such assets as tax attributes of almost $15B, and the concept of proration/abandonment and 382 cleansing for unrestricted use. That has lead me back to some who helped with the preferred ad hoc group who understand the NOLs 100%. They are currently representing a party in the case and the case is not past the effective date. Thereafter, they need to assess any conflicts as their clients are not being cashed out totally, but might also be considered minority shareholders.
So I am attempting to arrange an arrangement of a bankruptcy firm very familiar with the history of the case, and a couple of specialty minority shareholder rights firms of notable reference [re: large pending awards at billions, but also with pending sanctions for behavior ~ i.e., risk takers]. I don't know how this first arrangement attempt will play out, but there is significant interest.
On our side will be the challenge to have retail shareholders access a law firm site with a "Newco Minority Shareholders Rights" area to provide private/secured identity information on Newco shares and acceptance of an outline of the terms and conditions of representation. For example, I believe that there should be no % for the $6.65/Ps equivalent $75M cash value of the deal, little more for the first $50M of NOL PV valuation that it appears equity agreed to in the bankruptcy settlement. It is not a simple matter either; it takes an involved bankruptcy firm to explain to the specialty firm "just WTF I am talking about." I forget that we are the only ones that really know what has gone on, what the numbers are, where they came from and how they were/were not valued.
I'm going to make this attempt [that is what it is, there are no guarantees as these people know exactly who the controlling hedge funds are and what that may do to their firm business model] regardless of anyone's opinion, but subject to the volume of everyones interest. I still second guess my decision almost a year ago not signing on the dotted line in forming the Preferred Ad Hoc Shareholders Group. As events fell into place, I don’t know at this time if it would only have separated preferreds from commons for little additional benefit. However, everyone's opinion is important, and I'm trying to guage if the general interest is underwhelming.
There are questions that I have about what others can assist with:
~ access to Newco's initial shareholder record {very big} for verification of shareholder status; without such it may mean that documented holdings might alternately be required to participation in the Newco Minority Shareholders Group. We aren’t going into this blind to the tactics of the hedge funds.
~ ability and willingness to assist in reputable spreading the message, once there is a message to spread {i.e., the contingent representation of counsel, where to go, what to decide}. It will need to be earlier rather than later as the message boards are already on life support.
I am told that retail shareholders have never done this, especially on this scale and certainly not after an emergence with participation in the reorganized debtor. Oh well, 0-1% seems to be the bar that we have face again.
Again, for me this is not about any personal gain and I hold no judgment against anyone whose interest and time actually is dedicated to investment and earnings. No problem at all with that at all. It is important for me to follow through on the actual amount and the post emergence value of the NOLs, the certain adversarial and litigious valuation battle of all battles under Business Judgment, Enhanced or Entire Fairness Standards in Delaware (which is where I believe this will be when these corporate actions begin after reincorporation). Note, there will be no PJS as it appears that the taint of their bankruptcy lack of valuation and low ball critique will be a hurdle in addition to the Blackstone valuation of such. It is more important to stand upright once again after the bankruptcy gut punch and trying to inflict some preemptive preparatory planning prior to the next battle [i.e., not waiting to get corporate action and being on the defensive out of the gate].
Also, MW, the EC and SG do not represent us, and cannot be held accountable for us, after the effective date. They’ve done what they were responsible and obligated to do. We need to provide for our own representation going forward and it will need to be determined if we could still be a significant combined retail shareholder group that can make a difference.
Again, thoughts and opinions welcomed. Unless there is an underwhelming [lack of] interest of those who have made the release exchanges, I will make the best effort to move this strategy along.
