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Gold/Mining/Energy : ATPG Shareholders

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To: billgatesisevil who wrote (177)	8/29/2012 10:44:03 PM
From: Robohogs	1 Recommendation Read Replies (1) of 3620

That priming is why all the senior lenders rolled commitments - all would have had to consent to being orimed. Instead, they ll (or mostly) roll with some (or all) increasing commitments and charging probably very large commitment fees and higher interest (usually). This is known as a defensive DIP to protect oneself. Did all the old guys participate, did you notice? Usually lots of coercion to get near 100%. I doubt equit has any chance here. Yeah MIR paid off a bit. Issue here is the magnitude of the bond discount in dollars. Relative to capital structure and relatively light senior debt, that figure is huge, over $1 billion, not expected to be paid. Add to that the NPIs, the ORRIs and the purported misrepresentations and warranties on the last debt and ORRIs, and liabilities could swell. Wells are getting much worse also. And asset values realized are usually lower given distressed nature. One caveat is the new debt guy was likely heavily short, so unsure how court views any claims related to reps and warranties and related damages. Jon

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