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Otelco, Inc. Message Board

  • amateur_everything amateur_everything Feb 2, 2013 11:20 AM Flag

    Walk question about one of your comments

    In another place you refer to something like " i might buy more before it goes off the board next week." I heard what Weaver said about IDS holders of record as of Feb. 8. What exactly did you mean? It sounds like you think the IDS will stop trading? Is that what you meant?
    PS I stil hate the new board format Yahoo crammed down on us.

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    • Sorry for the confusion. Meant buying more by next Friday to have additional votes (IDS of record 2/8) on the restructuring. That won't be necessary now as some posters mentioned. This is going to get done either way. From the 8-K:

      "Because the Company has an agreement from holders of 100% in dollar amount of the Senior Secured Term Loan Claims and holders of 100% in dollar amount of the commitment to fund the Senior Secured Revolving Loan Claims, the Company believes that it can receive Bankruptcy Court approval of the Plan even if holders of Subordinated Notes (including holders of Income Deposit Securities) vote against the Plan. However, the Company believes it is still important that holders of Subordinated Notes vote to accept the plan."

    • I don't know why trading would be stopped. The voting process starts on February 8th and takes about 35 days to complete, and OTT would not file Chapter 11 until after the voting is completed. Even after entering Chapter 11, I don't know why trading would be stopped because the switch of debt for stock could be done quickly once approved.

 

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