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Gold/Mining/Energy : ATPG Shareholders -- Ignore unavailable to you. Want to Upgrade?

To: alertmeipp who wrote (195)	8/31/2012 7:50:33 AM
From: kollmhn	3 Recommendations Read Replies (1) \| Respond to of 3620

alertmeipp- Here is a portion of a primer written by Cravath (well regarded NYC law firm in financial affairs: "Carve-Out for Professionals’ Fees DIP financing agreements also provide a carve-out for professional fees, which permits a certain amount of funds from the debtor’s estate to pay the debtor’s (and often the creditors committee’s) professional fees that would otherwise be paid over to the DIP lenders upon an event of default under the DIP credit agreement. The purpose of this carve-out is to provide that, if an event of default under the DIP facility occurs, the debtor’s professionals may be paid prior to the DIP lenders. The rationale for this is that the cost of obtaining the DIP lenders’ recoveries should not be borne by the professionals engaged by the debtor. The typical carve-out permits the debtor’s professionals to be paid for all work done prior to the occurrence of an event of default under the DIP credit agreement and for a specified sum following the event of default. The amount of the carve-out varies by case and is highly negotiated. The size of the bankruptcy estate and the complexity of the case are major factors. " siliconinvestor.com Now, just so that we don't get lost as to what the dispute is about (Bill, I know you thought the issue closed but can't seem to let go) I called out Billgatesisevil for he wrote this in his post# 146: "The DIP in and over itself a super-duper-uber-maximum priority loan. It gets paid off one way or the other (such as exchanging it for a new revolver) before anyone else, and I do mean anyone else, gets a dime." That statement was, and remains, false. Perhaps, Bill meant to say something else but he didn't. He clearly wrote his opinion and re-emphasized his opinion. Now, if he doesn't like being corrected when he is wrong then he shouldn't post. Everyone makes mistakes but most are man enough to admit them.