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Gold/Mining/Energy : ATPG Shareholders
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To: tmkay who wrote (95)8/27/2012 4:19:19 PM
From: kollmhn1 Recommendation  Read Replies (3) of 3620
 
tmkay-

I hate to be a downer but, I'm of the opinion the an EC will NOT be sanctioned by the court. Why? Because the equity has no value and should not expect any recovery. That being the case, it would be unreasonable for the estate (ATPG) to pay the costs of the EC which in turn would reduce what is left for the creditors.

$1.5 BILLION worth of bonds have already been discounted to 26 cents on the dollar. Clearly, this puts everything below it into even deeper deficiency. The preferreds (which are senior to the common) are trading at less than 2 CENTS on the dollar. The market attributes extremely low odds to a recovery for even this class. How, then, can there be a prayer that the court will conclude that the common is entitled to any recovery, whatsoever?
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