The confirmation hearing "will be held before the Honorable Kevin J. Carey, United States Bankruptcy Judge, in Room 5 of the United States Bankruptcy Court, 824 North Market Street, Wilmington. Delaware, 19801, on July 14, 2016, at 10:00 a.m...."
Once again, the shareholders are being blackmailed - "HOLDERS WHO OPT OUT OF THE RELEASE WILL (A) NO LONGER HAVE A RIGHT TO SELL OR
TRANSFER ANY HERO COMMON STOCK, AND (B) HAVE THEIR HERO COMMON STOCK CANCELLED
AND DISCHARGED UNDER THE PLAN AS OF THE EFFECTIVE DATE. UNDER SUCH
CIRCUMSTANCES, A TRADING MARKET FOR HERO COMMON STOCK HELD BY HOLDERS ELECTING
TO OPT OUT OF THE RELEASES MAY NOT EXIST AND OPTING OUT WILL LIKELY MAKE IT
MORE DIFFICULT FOR SUCH OPT OUT SHAREHOLDERS TO DISPOSE OF THEIR HERO COMMON STOCK OR TO REALIZE VALUE ON THE SHARES AT A TIME WHEN THEY MAY WISH TO DO SO." This company has been such a scam from the beginning and the directors and officers should be thrown in jail.
Ain't happening. Looks like we've reached maximum fair value right now. I doubt shareholders will even receive this much.
This was all planned out. Management was able to keep their big fat paychecks and the "lenders" are now able to rape the shareholders. They put up $450 million and yet they are either going to get back 510 or 579 million back after less than a year. That's a higher interest rate than the Mafia charges. Plus management now gets to keep their big fat checks coming while the company "winds down". How long do you think that's going to take? By the time it's all over there will be NOTHING left for us shareholders except the big 12.5 million they are setting aside. WHAT A SCAM.
One thing you can count on - SHAREHOLDERS WILL GET SCREWED. That's what this company does best. Once again they are blackmailing the shareholders - just like we were blackmailed into agreeing to the fantastic warrant deal last time. " If the class of holders of HERO Common Stock votes to accept the Plan, the First Lien Lenders shall receive their pro rata share of (i) a non-interest bearing senior claim against the Wind Down Entity in the amount of USD $510 million, less the Escrow Release Payment (as defined in the Term Sheet) and any amounts previously distributed to the First Lien Lenders during the chapter 11 cases and (ii) 100% of Class A interests in the Wind Down Entity, which shall represent 85% of the Acceptance Wind Down Entity Interests (as defined in the Term Sheet).
� If the class of holders of HERO Common Stock votes to reject the Plan, the First Lien Lenders shall receive their pro rata share of a non-interest bearing senior claim against the Wind Down Entity in the amount of USD $579 million, less the Escrow Release Payment and any amounts previously distributed to the First Lien lenders during the chapter 11 cases (the "Rejection Lender Wind Down Claim").
So if we don't agree to the lenders terms they get an extra $69 million. What a great scam they have going.