Notice of Hearing

[AANOTOK]

Anyone know exactly what this means, especially page 9 of the documents. The real page number is the top of the page.

http://docket_pdfs.gcg.net/aam/11-15463/12842_15463.pdf


Preliminary Statement

Pursuant to the Memorandum of Decision, the Bankruptcy Court determined that the Debtors are required to make true-up payments to all holders of Disputed Claims that became or become Allowed after the Effective Date of the Plan, so that these creditors will receive the same number of shares of New Common Stock as holders of SingleDip General Unsecured Claims that were deemed Allowed as of the Effective Date of the Plan.

The Debtors are preparing for the next Interim Distribution Date tentatively scheduled for August 2017, which will include (i) true-up payments to holders of Single-Dip General Unsecured Claims that were previously Allowed after the Effective Date of the Plan (estimated at approximately $11.3 million in addition to Labor’s proportionate distribution of $2.5 million) and (ii) distribution for Disputed Claims that became Allowed after the previous Interim Distribution Date.

 

[NYer]

Anyone know exactly what this means, especially page 9 of the documents. The real page number is the top of the page.

http://docket_pdfs.gcg.net/aam/11-15463/12842_15463.pdf


Preliminary Statement

Pursuant to the Memorandum of Decision, the Bankruptcy Court determined that the Debtors are required to make true-up payments to all holders of Disputed Claims that became or become Allowed after the Effective Date of the Plan, so that these creditors will receive the same number of shares of New Common Stock as holders of SingleDip General Unsecured Claims that were deemed Allowed as of the Effective Date of the Plan.

The Debtors are preparing for the next Interim Distribution Date tentatively scheduled for August 2017, which will include (i) true-up payments to holders of Single-Dip General Unsecured Claims that were previously Allowed after the Effective Date of the Plan (estimated at approximately $11.3 million in addition to Labor’s proportionate distribution of $2.5 million) and (ii) distribution for Disputed Claims that became Allowed after the previous Interim Distribution Date.

Looks like the Debtors are looking to have the majority of the Disputed Claims Reserve distributed as the possible outstanding liability is of about $70M while the reserve holds a value of over $500M.

 

[AANOTOK]

...and as a follow up NYer, what does that mean for the TWU folks, if anything? I know we won the suit against the company along with the pilots and f/a's, is this part of that and do we have a $$ figure strictly in regards to the TWU?

 

[jimntx]

If past history is any indication, expect to get 2 shares per employee. At last, Mother can have that operation.

 

[NYer]

...and as a follow up NYer, what does that mean for the TWU folks, if anything? I know we won the suit against the company along with the pilots and f/a's, is this part of that and do we have a $$ figure strictly in regards to the TWU?

This deals with the Equity that was held back (Disputed Claims Reserve) in order to pay any of the creditors that had not been dealt with or had outstanding claims against the Company which was outstanding.

The hearing, which the unions won, also dealt with the same pool in that the Court disallowed the Company plans to use some of the Equity to pay off the taxes of other creditors before it was distributed to Labor. The Judge ruled everyone was responsible for their own tax liability and the Disputed Claims Reserve was to be distributed according to the original percentages.

This hearing seems to have the Company wanting to distribute the majority of the value within the Disputed Claims Reserve as part of a smaller distribution scheduled for August. (similar to other distributions which was bundled into the 14% Equity being held in the separate Early Out lawsuit.)

If Judge Lane agrees to the request we could see another moderate Equity distribution from the BK Court.

At least that's how it reads.

 

[NYer]

If past history is any indication, expect to get 2 shares per employee. At last, Mother can have that operation.

Seems that what is currently scheduled for August, but this request by the Debtors could be a bit more significant than that.

 

[AANOTOK]

This deals with the Equity that was held back (Disputed Claims Reserve) in order to pay any of the creditors that had not been dealt with or had outstanding claims against the Company which was outstanding.

The hearing, which the unions won, also dealt with the same pool in that the Court disallowed the Company plans to use some of the Equity to pay off the taxes of other creditors before it was distributed to Labor. The Judge ruled everyone was responsible for their own tax liability and the Disputed Claims Reserve was to be distributed according to the original percentages.

This hearing seems to have the Company wanting to distribute the majority of the value within the Disputed Claims Reserve as part of a smaller distribution scheduled for August. (similar to other distributions which was bundled into the 14% Equity being held in the separate Early Out lawsuit.)

If Judge Lane agrees to the request we could see another moderate Equity distribution from the BK Court.

At least that's how it reads.

and

And that benefits AA how?

 

[NYer]

and

And that benefits AA how?

It really doesn't other than they can continue to inch towards closing out the BK.

 

[AANOTOK]

It really doesn't other than they can continue to inch towards closing out the BK.

Thanks for the replies, NYer.

 

[Koolcat]

It really doesn't other than they can continue to inch towards closing out the BK.

On what page is the 400 million , you speak of NYer?

 

[NYer]

On what page is the 400 million , you speak of NYer?

 

[AANOTOK]

http://docket_pdfs.gcg.net/aam/11-15463/12846_15463.pdf

The Debtors now believe
that there will be
sufficient reserves in the Disputed Claims Re
serve to make the true-up payments and propose
doing so pursuant to the Plan as in
terpreted by this Court. Labor
has no objection to the Debtors’
True-Up Motion.

 

[AANOTOK]

http://docket_pdfs.gcg.net/aam/11-15463/12853_15463.pdf

ORDERED that the Debtors are authorized
to distribute to holders of Disputed
Single-Dip General Unsecured Claims that become
Allowed, including, without limitation, the
Unions and BAML, a number of shares of
New Common Stock on the applicable Interim
Distribution Dates so that these
claimants will receive the same
number of shares of New
Common Stock as holders of Single-Dip
General Unsecured Claims that were deemed Allowed
as of the Effective Date of the Plan, and so
that the Unions will receive their corresponding
percentage of New Common
Stock pursuant to the Plan.

 

[jimntx]

Translated into English...You will get an award somewhere between not a penny and/or including 2 shares of common stock each with a princely quarterly dividend of 10 cents/share. I would look into Virgin Islands waterfront properties if I were you. Or, perhaps a Miami Beach high-rise condo. According to the ads in American Way, some of them are available for as little as $1.3 million for a 1 bedroom.

 

[Steve Walegir]

I don't have an account to access the bankruptcy court docs, is anything new been added since judge Lane made his ruling?