RE:Anyone have any idea on timetableLucky27: The average is about 78 days from date of filing for a conclusive result.
It is all going to depend upon whether management sells the current common shareholders down the river for a package that includes new and valuable management incentives. Anything extreme in that regard could result in another class action, since management's loyalty, and fiduciary duty, is supposed to be to current shareholders, not creditors, and not creditors who will become shareholders as a result of the arrangement. It all gets reviewed and approved by the court. However, I have seen nothing that tells us that current common shareholders are represented anywhere, and their interests are not specifically mentioned in the press release or the court filings. So it is not clear who is looking out for us. Interestingly, it is mentioned that Cinven still holds about 14% of the common shares. There will be no sympathy for them, but nonetheless you want them to do well in this, as you are in the same boat as them. My guess is that Cinven does not care what is the result, as they already made a killing on the sale of AmCo to CXR, so we cannot really depend upon them going to bat for us.
I am hoping that current common shareholder will be able to retain 25% of the Company. That would result in a killing for me. But I do not need it to be that high to do well.
In any event, at this point we are really just waiting for an announcement. My belief is that the deal has already been done, and in fact was done before the filing even occurred. They are just working on the stuff to formalize it and present it to the court, which is a somewhat large and cumbersome exercise.