Courtroom UpdateNational Bank gets the big $200 million payout, subject to closing this Friday.
There will still be funds remaining to pay off lien holders, but then the "priority of claims", must be decided upon. Some uncertainty if Debenture Holders are subordinate to other creditors, or equal to them, or ahead of them. This has yet to be approved by the courts. Check back in a month or so, for another court order.
Ad Hoc Group wants their costs to apply to all Debenture Holders, as their work resulted in a better deal.
Ad Hoc Group does not want any more extensions granted to the HOC purchase: either they close on Friday, or they don't. They want to be a part in any go-forward discussions, if the deal doesn't close. But the deal is likely to close.
It would appear that there won't be full recovery for all creditors, with the cash available after paying the banks. Thus the importance of getting the claims priority, sorted out.
There has still been no clarity on the tax pool issue: were they purchased or not? I think not: this appears to be just a purchase of various leases, as Land Titles has some work to do, to approve the transfers to the new company. Still need someone to confirm if there are corporate tax pools.
If there is still the Twin Butte shell, with the tax pools, then this may yet yield some residual value for shareholders, after Debenture Holders are made whole, or close enough that they are happy. It would also depend on what a discounted value ot tax pools, is worth to people that have profits. (The problem these days, is having actual profits.)