Reading the Adelphia plan of reorgization I see this part:
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(i)ACC Common Stock Interests.
(i) ACC Common Stock Interests shall be cancelled and holders of ACC
Common Stock Interests shall not be entitled to any distribution;
provided,
however, that,
as part of the settlement and compromise embodied herein, if the holders
of
Allowed
ACC Common Stock Interests vote in number sufficient to cause the ACC
Common
Stock Interests Class to accept the Plan and the ACC Existing Securities
Laws Claims
Class, ACC Preferred Stock Interests Class, ACC Senior Notes Claims Class,
ACC Trade
Claims Class, ACC Other Unsecured Claims Class, and ACC Subordinated Notes
Claims
Class have each voted to accept the Plan, each holder of an Allowed ACC
Common
Stock Interest shall receive on the Initial Distribution Date and/or on a
Subsequent
Distribution Date thereafter in full satisfaction of such holder's Allowed
ACC Common
Stock Interest a Pro Rata Share of CVV Series ACC-7 Interest.
(ii) Each CVV Series ACC-7 Interest shall entitle its holder to receive a
pro
rata share (as determined by the Bankruptcy Court) of any CVV
Distributions
remaining,
after all holders of CVV Series ACC-6 Interests have received the full
Allowed amount
of their ACC Preferred Stock Interests pursuant to the applicable
Liquidation Preference
(including amounts payable in respect of such Liquidation Preference
thereunder and accrued,
but unpaid, dividends as of the Commencement Date allocable thereto).
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It seems the plan was approved and I fall in the catagory of ACC 9 (Class
A
Common Shares).
Thus it seems I am entitled to ACC 7 shares from the ACC 9 Shares (CVV
UNITS
PER SHARE 1)
I am reading a I get 1 share of ACC 7 per share of ACC 9 I have.
Now on to what ACC 7 is. Reading the charts, it indicates they are "3.25%
Convertible Subordinated Notes due May 1, 2021, issued by ACC"
Sounds like a long time to me. Anyway I am a bit confused about the value
these Convertible Subordinated Notes. At the time the Plan was approved by
the court, it is indicated the Class A shares have a value of .01 per
share.
The chaart I am looking at indicates in the cooresponding column and row:
CVV UNITS
PER $1,000
PRINCIPAL
AMOUNT
------------
Series ACC-4
1,234
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