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Southeast Banking Corporation Global Settlement:
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| If you have a question regarding the Global
Settlement that is not already answered in the Frequently
Asked Questions section, please e-mail your question to
fontanezm@gtlaw.com. Counsel for the Chapter 7 Trustee will attempt to
post an answer to every question within three (3) United States business
days, but cannot guarantee that every question will be answered and cannot
offer legal or financial advice about any individual situation. All questions
and answers posted on this forum will be available to anyone who may access
this website, so inquires of a personal or confidential nature should be
discussed with your own counsel or advisor rather than posted to this website. *******
I, and clients of mine at Smith Barney own $300,000 of the 1997 Euro
Floating Rate Notes. I carefully read your recent notice and have one question:
What is your "estimate" of the potential distribution in
percentage terms per
each $1000 FRN bond that will be paid if the court in November approves
your request?
The chart included among the documents in the package reflects the amount
payable to each issue of notes based upon projected distributions in various
amounts. Although no decision has yet been reached about the amount, we
have advised the Court that if the settlement is approved we expect to make
an initial distribution of post-petition interest by the end of November,
with one or more additional distributions to follow sometime thereafter.
While I suppose that one could calculate the amount of interest per $1000
face amount by reference to the chart and some arithmetic based on the face
amount of the issue, we have not performed that calculation as yet because
of the uncertainty regarding the total amount to be distributed. As soon
as we are in a position to announce that amount, the calculation should
be fairly straightforward.
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