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Southern Company Message Board

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  • tex7779 tex7779 Mar 26, 2005 6:44 PM Flag

    More random thoughts MIR vs. SO !!

    OK, I agree. Technically it is not a lawsuit yet. At this time it is a precursor as it described in the amended POR, whereas MIR is seeking $ 1.6 Billion from SO.

    Whether it becomes a lawsuit or not, is immaterial as the SHC can now take this " complaint " and pursue additional enterprise value.

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    • "Whether it becomes a lawsuit or not, is immaterial as the SHC can now take this " complaint " and pursue additional enterprise value. "

      If the SO claims are taken into account in establishing value, I believe that would negate the use of a trust to handle those claims. Otherwise you would have a double counting. I believe the use of the trust in the POR is a way to defer the valuation of the claims and let them run their course after the confirmation of the POR.

      • 1 Reply to i_gotta_opinion
      • I agree. The value from the claims against SO will come iff (sic) SO either settles outside of court with MIR or MIR prevails at trial. Both of those are likely to take longer than the end of this bk.

        The litigation trust is set up so that if there is a shortfall to the unsecured creditors, they get paid and after that all of it goes to the shareholders. Unless the valuation hearing on 4/11 comes in with a valuation for Mir at over 10.7 bn bucks or so without this suit, the shareholders will not receive newco stock, but only a check in the mail at such time as the suit suceeds and the unsecureds are made whole.

    • << the SHC can now take this " complaint " and pursue additional enterprise value. >>

      Small problem:
      "Deep pockets" SO would fight to defend itself.
      "No pockets" SHC would have no funds to support the fight Vs SO.
      best wishes, Bull

 
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44.910.00(0.00%)Jul 22 4:01 PMEDT

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