RE:RE:DISTRIBUTION WATERFALL Natural,
I genuinely hope you are correct, but that is not how I read it. Holders of the CVRs will get 95% of the settlement. Management and other fees come from the remaining 5%. There will be nothing remaining for shareholders.
The $500M limit is 100% to the CVRs. Anything over that is 95% to the CVRs.
CVR holders will do very well. Regular shareholders will get fleeced.
The only other way would be to convert all CVRs to shares, resulting in about a billion outstanding shares, as part of a buyout rather than settlement. But, there is no incentive for the negotiators to do this as they would profit far more by cutting out shareholders and giving all of the reward to CVR holders.