Southeast Banking Corporation


Southeast Banking Corporation Global Settlement:
Q&A Forum

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 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?
Richard Bermont


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.
Mark D. Bloom


Southeast Banking Global Settlement

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