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Post by angelsrwatchn on Jun 19, 2013 10:04:31 GMT -5
This filing, shows that Moses Marx, somewhat of a legend in the distressed world, and George Karfunkel, notable investor and board member of Amtrust Financial (and former owner of the American Stock Transfer & Trust Company, LLC) bought a significant position in EK's 2017 and 2018 notes (over $250M notional worth of bonds). It remains to be seen if their presence will change the direction of the case. from: www.distressed-debt-investing.com/2013_03_01_archive.html
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Post by angelsrwatchn on Jun 19, 2013 10:10:38 GMT -5
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Post by johndeere on Jun 19, 2013 11:10:24 GMT -5
IMO, they were purchased strategically to recieve voting rights for the Class 4 unsecureds to accept the POR. The Backstop Partners have Class 3,4, and 6 covered to approve POR. Obviously, Class 5 KPP will approve plan as well- if KPP deal is approved.
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Post by johndeere on Jun 19, 2013 11:13:57 GMT -5
I don't think the KPP deal will be approved tomorrow. If its rejected, the buyout theory will drive PPS through the roof on Friday.
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Post by forkodak on Jun 19, 2013 18:55:07 GMT -5
Doc 3371 Filed 03/20/13 Name Address Nature and Principal Amount of Disclosable Economic Interest United Equities Commodities Company 160 Broadway New York, NY 10038 $500,000 of 2013 Notes $64,729,500 of 2017 Notes $1,000,000 of 2018 Notes Momar Corporation 160 Broadway New York, NY 10038 $9,000,000 of 2018 Notes Marneu Holding Co. 160 Broadway New York, NY 10038 $3,000,000 of 2017 Notes Moses Marx 160 Broadway New York, NY 10038 $78,500,000 of 2017 Notes $5,000,000 of 2018 Notes George Karfunkel 126 East 56th Street/15th Floor New York, NY 10022 $105,000,000 of 2017 Notes $9,000,000 of 2018 Notes www.kccllc.net/documents/1210202/1210202130320000000000016.pdf***************** 3/22/2013 3380 www.kccllc.net/documents/1210202/1210202130322000000000001.pdf************ Doc 3370 Filed 03/20/13 NOTICE OF APPEARANCE AND DEMAND FOR SERVICE OF PAPERS Adam L. Shiff Daniel A. Fliman Matthew B. Stein KASOWITZ, BENSON, TORRES & FRIEDMAN LLP 1633 Broadway New York, New York 10019 Telephone: (212) 506-1700 Facsimile: (212) 506-1800 Counsel to United Equities Commodities Company, Momar Corporation, Marneu Holding Co., Moses Marx, and George Karfunkel www.kccllc.net/documents/1210202/1210202130320000000000015.pdf
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Post by littlefred747 on Jun 19, 2013 19:29:40 GMT -5
I don't think the KPP deal will be approved tomorrow. If its rejected, the buyout theory will drive PPS through the roof on Friday. Thanks JD for the optimism...it's a rare commodity lately.
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Post by Admin on Jun 19, 2013 19:31:22 GMT -5
Is that Art Garfunkles Dad?
SBG
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Post by littlefred747 on Jun 19, 2013 19:39:51 GMT -5
Is that Art Garfunkles Dad? SBG I'm pretty sure Art is an alien....
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Deleted
Deleted Member
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Post by Deleted on Jun 19, 2013 22:40:49 GMT -5
I don't think the KPP deal will be approved tomorrow. If its rejected, the buyout theory will drive PPS through the roof on Friday. Sorry, it will definitely be approved.
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Post by We Got Hosed!!! on Jun 19, 2013 23:32:24 GMT -5
I don't think the KPP deal will be approved tomorrow. If its rejected, the buyout theory will drive PPS through the roof on Friday. JD, welcome back! You are our lucky charm... you are GREEN already with your purchase today. Are you dumping if the divisions sale gets approve? I think the deal will get approve simply because whoever is behind the curtain wants the deal to go through. They want EK to clean the house as much as possible so they can make a LOW BALL OFFER and still get the job done.
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Post by rideon on Jun 20, 2013 1:48:27 GMT -5
Did anybody notice that all of these entities involved in this "backstop" agreement all acquired this debt from Citi and others rather recently. From quick research, it looks like only Karfunkel has been around for an extended period. The rest came way late to the party and yet are calling the shots now? Seems pretty strange to me.
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