Nevermind I think I am wrong on that! Ahahaha so confusing. We'll have a better idea of what is going on when he files the 13D for Q2 on August 15. I still don't get why he would want it to be a secret if he wasn't accumulating shares in the open market. As someone pointed out, the stock has had a solid floor at $1.13 for a while now. Someone has been buying.
Don't think so. I know Goldman was part of the syndicate for the 2nd lien loan. Brk was not...they bought from Goldman after the fact. Wouldn't Goldman have either dumped the shares immediately or held onto them?
Second Lien Debt. On the Effective Date, the Company entered into a Second Lien Loan Agreement dated as of January 30, 2012 (the “Second Lien Loan Agreement”) by and among the Company, the lenders from time to time party thereto (“Second Lien Lenders”), Wilmington Trust, National Association, as Administrative Agent and Collateral Agent, and Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC, as Joint Lead Arrangers and Joint Bookrunning Managers.
The Second Lien Loan Agreement consists of a $175 million term loan with an interest rate of 15% maturing in April 2017. There are no scheduled mandatory amortization payments required, except as may be required in 2017 for income tax purposes.
On the Effective Date, the Second Lien Lenders received their pro rata share of the Company’s issuance of 6,743,640 shares of its Common Stock, par value $0.01 per share (the “Common Stock Issuance”), amounting to approximately 13% of outstanding shares on a pro forma basis on such date. Consistent with the Confirmation Order and applicable law, the Company relied on Section 1145 of the Bankruptcy Code to exempt the issuance of these shares of Common Stock from the registration requirements of the Securities Act of 1933, as amended.