Los Tramos de la cascada... WAHUQ le llega el turno...
Mi gran amigo Besugo va a estar muy contento con esto que le apunto... :) :)
Tramo 3 son CCBs, tramo 4a es ~96% PIERS (WAHUQ), y tramo 4b es ~77% PIERS (WAHUQ).
Adjunto imagen de excel que divide los $67M de cash y $117M de RONs y su distribución, calculado del (7/30/13) WMILT report. Esta distribucion pagaría completamente tramo 4a. PIERS por acción recibirian ~$2.10 cash y ~$3.97 en RONs en total de los tramos 4a+4b a los PIERS se les debería ~$4.25 por acción del tramo tranche 4b.
I believe they are talking about the Tranche 4 claimants would receive the RONs. First, the only way they can mostly pay off the Tranche 4 claimants, which is apprx. $265MM, is by using the $95MM tax return, the $115MM RONs and the remainder of the $67MM that would be released.
Also, if you read the fine print of the Runoff Notes, it states they are to be used to pay the various Class levels down through PIERS. Don't have time to pull that but I looked at that recently and saw that language. JMO ... the reason they would do that is because it would be a dollar for dollar exchange (dollar value of RON = dollar value of claim) unlike trying to pay to the Equity holders who has a infinite exchange of 75%/25% split.
Also, the RONs have always been an option that a claimant can choose. If the PIERS holders do not want them, then my guess is they will remain as an asset of the Trust and as the P&I is collected, it will eventually be paid out to the claimants.