RE:RE:RE:RE:DISTRIBUTION WATERFALLThis is from the March 2024 managment discussion filings.
Can you reconcile bullets 3 and 5? My reading is that bullet 3 means that 100% of the first $460M goes to the CVRs and that bullet 5 means that anything above the $460 will see 95% go to the CVRs. Again, I could be reading this wrong. I hope that I am.
https://sedar-filings-backup.thecse.com/00003568/2405300956326865.pdf
Page 10. Bullets 1-6. Bullet #5.
1) to the holders of the CVRs and the Notes, an amount equal to the accrued and unpaid default interest, fees, expenses or indemnity obligations in respect of the CVRs and the 2016 Notes;
2) to the holders of the Notes, an amount equal to the aggregate amount of interest and indebtedness owed by the Company to the holder of the Notes (of which approximately US$24.7 million is outstanding as of the date hereof);
3) to the holders of the CVRs and eligible participants (“MIP Participants”) in the MIP (as defined below), an amount equal to the lesser of (i) US$460,000,000 and (ii) 95% of the Claim Proceeds;
4) to the Company, US$30,000,000;
5) to holders of the CVRs and the MIP Participants, until the aggregate distributions to such persons equals 95% of the Claim Proceeds; and
6) to the Company, the balance (if any) of the Claims Proceeds.