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  • wsmwho wsmwho Feb 24, 2012 10:25 AM Flag

    Trustees project

    From high claims of $37+B to low of $33.5B. We will get addition shares of 7 to 11 percent. We will get addition wts. of 2 to 11 percent. This includes the trust cost. There is also the $1.5+B term loan.

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    • Gerber made a crack that he's off the bench, retired Spring 2014 and everybody laughed. So I think that prospect is remote, even if budgeted.

      All the professional fees now are capped and it looks like the big tax reserve will not be reserved for--which oughtta open the window for some kind of distribution sooner than later--of course Wilmington got their $25m to dump ASAP.

      Gerber also "laughed off" the idea that Treas appeal of the Nova Scotia scam recovery will not hold and we'll be in the money. Willimgton is expecting something large...if nowhere close to the $1.7B--they're gonna have to try alot of clawbacks on hedgies here and gone.

      What we want now is the IRS letter guaranteeing we don't don't have to file as a new entity.

    • Using the Trustee's price assumptions in the document you cited, I get that bondholders have received 19.55% of face value of their bonds. The projections are that ultimately, bondholders will get between 19.90% to 21.33%, depending on how many claims are ultimately approved.

      However, I think a better way to look at it is to assume that the securities were sold at their closing prices on the distribution date. In that case, the bondholders have actually already recovered 26.97%.

      I believe this excludes the term loan action. Since there is discussion of fees out to the end of 2014, this may be a long slog. Also in another document, there was discussion that claimants whose claims were denied, have appealed to higher courts. That process will drag things out. I presume that until all appeals are exhausted, the claim remains in the outstanding column.

    • Thank you. So what was the outcome of the Feb 29 hearing?

    • Remaining trust assets are roughly 1 share each of each security (GM, GM-A, GM-B) per $1000 approved unsecured debt claims.

      Maybe I'm oversimplifying but at current share prices, that implies another $55 share value per %1000 in bonds coming our way, plus any term loan proceeds.

      • 1 Reply to stockpicker5
      • How do you arrive at that estimate, being that wsmwho wrote that they have to decide what remaining claims will be paid X amount of dollars?

        I'm not sure of how many dollars in claims are still pending, versus how many dollars worth of shares and warrants remain?

        Does anyone know for sure?

        Is there any deadline date of when this will all be wrapped up, or can it drag on for years?

        I thought that we were supposed to get all that was owed to us by the end of December 2011 or January 2012?

        TIA to anyone that posts information.

    • Why do you see the amount of regular stock shares and warrant shares being different percentages of additional shares?

      • 1 Reply to herrerabrian
      • On the page that I sited, they give you the amount to be paid out per $1,000 of debt under different settle amounts. This number times your total holdings will give you the total number of units you will recieve. Then just subtract what you already recieved.I went one step further and figured the percentage of increaase.

    • where does this information come from?

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