Comments on Distressed Debt Investing: Corporate Restructure Conference

"You had to love how the computer kept trying...

2010-03-17T01:18:32.882-04:00

"You had to love how the computer kept trying to install updates all through this presentation."
I meant the actual Wharton presentation. Millstein would be doing the laser pointer on the projection screen and the blasted little "Your computer will now restart to install updates" thing came up every couple of minutes.

???

2010-03-03T21:27:39.511-05:00

???

You had to love how the computer kept trying to in...

2010-03-03T17:21:42.652-05:00

You had to love how the computer kept trying to install updates all through this presentation.

Thanks, both good points. You weren't being ov...

2010-02-26T06:53:31.997-05:00

Thanks, both good points. You weren't being over-technical, I didn't know the difference.

Not to be too technical, but that actually wasnt a...

2010-02-25T13:06:22.812-05:00

Not to be too technical, but that actually wasnt a "cram-up" it was a "reinstatement." Cram-up refers to giving a secured creditor a new peice of paper in satisfaction of its claim. Reinstatement refers to curing all defaults under the existing credit facility and giving the secured creditor back the exact same peice of paper it had pre-bankruptcy.

Also, the main issue in Judge Peck's decision was whether the ad hoc group of noteholders constituted a group for purposes of triggering the change of control EoD under JPM's credit agreement. If they were found to be a group and therefore triggered this default, reinstatement of the JPM facility (and its favorable terms) would have been impossible since reinstatement requires you to cure all defaults under the credit agreement as of the day you exit bankruptcy (other than the fact of having filed) and the COC would have been incurable.