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Sorry..I was trying to paste a link, and instead the message was sent
prematurely;
Reading the Adelphia plan of reorgization I see this part:
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(i)ACC Common Stock Interests.
(i) ACC Common Stock Interests shall be cancelled and holders of ACC
Common Stock Interests shall not be entitled to any distribution; provided,
however, that,
as part of the settlement and compromise embodied herein, if the holders of
Allowed
ACC Common Stock Interests vote in number sufficient to cause the ACC Common
Stock Interests Class to accept the Plan and the ACC Existing Securities
Laws Claims
Class, ACC Preferred Stock Interests Class, ACC Senior Notes Claims Class,
ACC Trade
Claims Class, ACC Other Unsecured Claims Class, and ACC Subordinated Notes
Claims
Class have each voted to accept the Plan, each holder of an Allowed ACC
Common
Stock Interest shall receive on the Initial Distribution Date and/or on a
Subsequent
Distribution Date thereafter in full satisfaction of such holder's Allowed
ACC Common
Stock Interest a Pro Rata Share of CVV Series ACC-7 Interest.
(ii) Each CVV Series ACC-7 Interest shall entitle its holder to receive a
pro
rata share (as determined by the Bankruptcy Court) of any CVV Distributions
remaining,
after all holders of CVV Series ACC-6 Interests have received the full
Allowed amount
of their ACC Preferred Stock Interests pursuant to the applicable
Liquidation Preference
(including amounts payable in respect of such Liquidation Preference
thereunder and accrued,
but unpaid, dividends as of the Commencement Date allocable thereto).
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It seems the plan was approved and I fall in the catagory of ACC 9 (Class A
Common Shares).
Thus it seems I am entitled to ACC 7 shares from the ACC 9 Shares (CVV UNITS
PER SHARE 1)
I am reading a I get 1 share of ACC 7 per share of ACC 9 I have.
Now on to what ACC 7 is. Reading the charts, it indicates they are "3.25%
Convertible Subordinated Notes due May 1, 2021, issued by ACC"
Sounds like a long time to me. Anyway I am a bit confused about the value
these Convertible Subordinated Notes. At the time the Plan was approved by
the court, it is indicated the Class A shares have a value of .01 per share.
The chart I am looking at indicates in the cooresponding column and row:
CVV UNITS
PER $1,000
PRINCIPAL
AMOUNT
------------
Series ACC-4
1,234
http://www.adelphiarestructuring.com/Documents/ImportantDocuments/bifurcated_Effective_Changes021507.pdf
What also, is a Convertible Subordinated Note?
I see the definition here:
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ACC Subordinated Notes means any of those certain: (d) 3.25% Convertible
Subordinated
Notes due May 1, 2021, issued by ACC under that certain Fourth Supplemental
Indenture to that
Indenture dated as of January 22, 2001, between ACC and The Bank of New
York, as initial
Trustee thereunder, provided, however, that the inclusion of (c) and (d)
above is contingent upon
the existence and enforceability of the contractual subordination rights of
the Rigas Subordinated
Note Claims as provided for in Section 16.2.
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Section 16.2 16.2. Subordination.
Except as compromised and settled pursuant to the Plan, the right of the
Proponents to seek subordination of any Claim or Equity Interest pursuant to
section 510 of the
Bankruptcy Code is fully reserved, and the treatment afforded any Claim or
Equity Interest that
becomes a Subordinated Claim or subordinated Equity Interest at any time
shall be modified to
reflect such subordination. Unless the Plan or the Confirmation Order
provides otherwise, no
Plan Distributions shall be made on account of a Subordinated Claim or
subordinated Equity
Interest. The existence and enforceability of the contractual subordination
rights of the Rigas
Subordinated Note Claims solely for purposes of determining the calculation
of the ACC Senior
Notes Allocable Portion, the ACC Subordinated Notes Allocable Portion, the
ACC Trade Allocable
Portion and the ACC Other Unsecured Allocable Portion shall be determined by
the
Bankruptcy Court.
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Those still do not tell me much of what a Convertible Subordinated Note is
or what can I "convert" it into.
I looked for a legal defition on Google without much luck
Thanks a lot.
Trent
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