RE:While we are waiting, another rewriteI am unable to post my table in xls (help!), but meanwhile here is how I think the waterfall works:
1. First in line are notes holders + their interest payment. This could be $150M +/-
2. Second in line are CVR holders + MIP (Management Incnetive Plan), which would be lesser of (a) $460MM and (b) max entitlement of claim proceed (90%) - after deducting #1 above.
3. If anything is left after this, then $30M of the remianing will go to the company (I believe the shareholders).
4. If there is still some left, it will again go to CVR holders + MIP, upto the maximum of (combined with #2) 90% of total payout minus #1
5. Lastly, if there is still some left, it will go to the company (I believe shareholders).
This is my understanding of the waterfall which was published in one of NRs long time back. As you can see, the payout to CVR holders and shareholders is not linear, and as the total payout increases (from $250M to $500M to $750M and so on, as an eaxmple), the payout to CVRs accelerates first, followed by shareholders.
Again, this is based on my understanding, and there could be mistakes / holes in it.