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  • brandmarty brandmarty Aug 22, 2013 6:02 PM Flag

    Piers will be paid soon in full or partially after Sept 2013

    Per the recent filings, the excess reserves will be released after 9/24 paving the way for PIERS to be paid fully or partially.

    Courtesy of Aladin on the other board:

    Motion request to release excess reserves is set for 9/24 with objections to be filed by 9/4. Here is key excerpts where it describes how Piers will be seeing distribution if approved:

    Pg 4

    5.Estimation of the CIC Claims in the manner set forth herein will enable
    the Trust to release approximately $67 million in funds currently reserved on account of such
    claims in the next scheduled distribution pursuant to the Plan….

    Accordingly, WMILT respectfully requests that the Court estimate, or, where applicable,
    partially estimate the maximum amount of the Claims consistent with the amounts set forth on
    Exhibit “A” so that WMILT can administer the Plan without undue delay and release excess
    reserves to deserving creditors.

    Pg 15

    As of August 1, 2013, Tranches 1 and 2 of the Plan’s
    Waterfall Recovery Matrix have been paid in full, and only $16.9 million of Tranche 3 remains
    to be paid before creditors in Tranches 4a and 4b will receive distributions.
    35. As discussed more fully below, distribution of the $67 million in excess
    reserves as contemplated herein would enable the Trust to pay Tranche 3 in full and the vast
    majority of Tranche 4a. And, notably, to the extent that Tranche 3 is paid in full, Section 31.14and Articles XIX and XX of the Plan provide that the Trust can distribute Runoff Notes with a
    face value of approximately $117 million as of June 30, 2013 to holders of Liquidating Trust
    Interests. Thus, absent other relief being granted by the Court, granting the relief requested
    herein could make available for distribution assets in excess of $184 million.

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