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Gold/Mining/Energy : ATPG Shareholders
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To: lite9876 who wrote (107)8/27/2012 11:09:22 PM
From: mrpanick  Read Replies (2) of 3620
 
I don't own any ATPG, but own about 3,000 ATPGP. Both ATPG and ATPGP are "equity". This is why I'm participating here. It's rather unlikely that the judge would approve 2 equity committees for the different classes of equity. If a committee gets formed by the court it's going to represent both.

You folks should look for some ATPGP holders to support an EQ as well as ATPG holders. There is no way that one class of equity is going to get a settlement without the other getting one. The interests are more or less aligned. The pref is more senior than the common and would probably get a slightly better settlement that than the 4.5X shares of common it's convertible to. On the other hand it's not like the pref has to get paid at par 100 before the common gets anything as some have suggested in other forums.

It's also not correct that the bonds must get 100 cents on the dollar for the equity to get a settlement. In the Trump case where a former employer of mine was co-chair of the equity committee secured bondholders got about 90 cents on the dollar and the equity still ended up getting about $3 / share in the settlement. A key factor in that case was that a valuable asset (the casino license as it happened) was held at the holding co level and not available to creditors. There are some strong similarities with ATPG where you have the UK subsidiary not participating in the bankruptcy.
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