Official of Partners The - Life Partners Official ... Slide Presentation re... · Official...

Official Committee of Unsecured Creditors – Life Partners Bankruptcy

The following slides present the Committee's analysis of a chart that Transparency has been using. The Committee strongly urges investors to look at the Court‐approved documents, including particularly Trustee Ex. C, Trustee Ex. D, and Transparency Ex. 4. These exhibits are available at www.lifepartnerscommittee.com.

So, let's start with the Transparency Chart.


The first question one might ask, is why put 10 year numbers in the Transparency column, and 30 year numbers in the Trustee column? Shouldn't one compare apples to apples?

If you compared 10‐year numbers to 10‐year numbers, the next slide shows what happens.

The second question one might ask, is why include Tom Moran as the Position Holder Trustee? He is not the Position Holder Trust Trustee, that is Eddy Espinosa (TR Plan) or Transparency PRT Trustees, LP (TA Plan).

So, this row is struck through on the next slide.

Use the same 10‐year comparison

Both plans have to pay Moran whatever the Court Awards

$35,548

Not PHT Trustee Not PHT Trustee

$15,628

$74.4 million $55.3 million

Committee Correction of Transparency Chart Using Figures In Approved Charts


Could Transparency have used 10‐year numbers? Sure, they could have used Trustee's Exhibit D. Look at the next few slides to see how they could have done that.

FROM TRUSTEE'S EXHIBIT D - Dkt . 2500-5

Life Partners DebtorsFeasibility of Plan Entities( $ 0 0 0 ' s) 2 0 16 [ 1] 2 0 17 2 0 18 2 0 19 - 2 0 2 5

2 0 2 6 -2 0 4 5 P e r i od Tot a l

P osi t i on Hol de r Tr ust P r oj e c t i on

Maturities [ 2] $101,476 $115,462 $135,499 $997,244 $456,890 $1,806,572Premiums [ 3] (36,099) (49,046) (62,036) (475,649) (192,471) (815,301)Ne t Ca sh Fl ow f r om P or t f ol i o 6 5 , 3 7 7 6 6 , 4 16 7 3 , 4 6 3 5 2 1, 5 9 5 2 6 4 , 4 2 0 9 9 1, 2 7 1

New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (2,554) (6,384)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (5,675) (14,188)Maturity Funds Facility Draws [ 6] 11,172 - - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - - 44,553 Application of PHT Escrow Funds [ 13] (15,000) - - - 15,000 -Bankruptcy Costs (Administrative and Priority

Claims, Professional Fees) [ 14] (28,747) (1,661) (1,661) (1,661) - (33,729)PHT Legal & Administrative Costs [ 15] (2,517) (2,817) (2,313) (7,981) (11,970) (27,598)PHT Premium Reserves [ 16] - (1,349) (4,330) 3,882 1,797 -Servicing Fees [ 17] (730) (3,177) (3,745) (27,896) (12,854) (48,403)

Ca sh Av a i l a bl e f r om P HT Ope r a t i ons 7 3 , 6 8 4 2 4 , 4 6 6 5 4 , 9 4 2 4 7 8 , 3 3 9 2 4 8 , 16 3 8 7 9 , 5 9 3

P r e - Ef f e c t i v e Da t e Adj ust me nt sBeginning Cash Adjustment 1,473 1,473 Exclude Pre-Effective Date Maturities [ 2] (74,936) - - - - (74,936)Exclude Pre-Effective Date Premiums [ 3] 25,556 - - - - 25,556 Include Other LPI Pre-Effective Date Cash Flows (6,958) - - - - (6,958)Tot a l P r e - Ef f e c t i v e Da t e Adj ust me nt s ( 5 4 , 8 6 5 ) - - - - ( 5 4 , 8 6 5 )

Reserves for PHT Operations [ 18] (18,819) 17,997 (559) (4,850) (15,488) (21,719)Distribution of Ending Cash [ 19] - - - - 21,340 21,340 Distributions to Continuing Position Holders andNew IRA Noteholders (on 5% interest) [ 20] (853) (871) (2,448) (73) (4,245)

Ca sh D i st r i but i ons t o P HT Be ne f i c i a r i e s( Ex c l udi ng Cont i nui ng P osi t i on Hol de r s) 4 1, 6 10 5 3 , 5 13 4 7 1, 0 4 0 2 5 3 , 9 4 2 820,104



10 - y e a r P e r i od Tot a l

2 0 2 6 -2 0 4 5 P e r i od Tot a l


Maturities [ 2] $101,476 $115,462 $135,499 $997,244 $456,890 $1,806,572Premiums [ 3] (36,099) (49,046) (62,036) (475,649) (192,471) (815,301)Ne t Ca sh Fl ow f r om P or t f ol i o 6 5 , 3 7 7 6 6 , 4 16 7 3 , 4 6 3 5 2 1, 5 9 5 2 6 4 , 4 2 0 9 9 1, 2 7 1

New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (2,554) (6,384)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (5,675) (14,188)Maturity Funds Facility Draws [ 6] 11,172 - - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - - 44,553 Application of PHT Escrow Funds [ 13] (15,000) - - - 15,000 -Bankruptcy Costs (Administrative and Priority

Claims, Professional Fees) [ 14] (28,747) (1,661) (1,661) (1,661) - (33,729)PHT Legal & Administrative Costs [ 15] (2,517) (2,817) (2,313) (7,981) (11,970) (27,598)PHT Premium Reserves [ 16] - (1,349) (4,330) 3,882 1,797 -Servicing Fees [ 17] (730) (3,177) (3,745) (27,896) (12,854) (48,403)

Ca sh Av a i l a bl e f r om P HT Ope r a t i ons 7 3 , 6 8 4 2 4 , 4 6 6 5 4 , 9 4 2 4 7 8 , 3 3 9 2 4 8 , 16 3 8 7 9 , 5 9 3

P r e - Ef f e c t i v e Da t e Adj ust me nt sBeginning Cash Adjustment 1,473 1,473 Exclude Pre-Effective Date Maturities [ 2] (74,936) - - - - (74,936)Exclude Pre-Effective Date Premiums [ 3] 25,556 - - - - 25,556 Include Other LPI Pre-Effective Date Cash Flows (6,958) - - - - (6,958)Tot a l P r e - Ef f e c t i v e Da t e Adj ust me nt s ( 5 4 , 8 6 5 ) - - - - ( 5 4 , 8 6 5 )

Reserves for PHT Operations [ 18] (18,819) 17,997 (559) (4,850) (15,488) (21,719)Distribution of Ending Cash [ 19] - - - - 21,340 21,340 Distributions to Continuing Position Holders andNew IRA Noteholders (on 5% interest) [ 20] (853) (871) (2,448) (73) (4,245)

Ca sh D i st r i but i ons t o P HT Be ne f i c i a r i e s( Ex c l udi ng Cont i nui ng P osi t i on Hol de r s) 4 1, 6 10 5 3 , 5 13 4 7 1, 0 4 0 2 5 3 , 9 4 2 820,104





Maturities [ 2] $101,476 $115,462 $135,499 $997,244 $1,349,681 Premiums [ 3] (36,099) (49,046) (62,036) (475,649) ($622,830)Ne t Ca sh Fl ow f r om P or t f ol i o 6 5 , 3 7 7 6 6 , 4 16 7 3 , 4 6 3 5 2 1, 5 9 5 $726,851 New IRA Note Interest Payments [ 4] - (426) (426) (2,979) ($3,831)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) ($8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - $11,172 Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - ($26,656)DIP Facility Draws[9] 5,000 $5,000 DIP Facility Payments and Interest[9] (5,058) ($5,058)Exit Facility Draws[9] 22,901 $22,901 Exit Facility Payments and Interest[9] (400) (26,576) (100) ($27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - ($12,000)Cash Consideration for Servicing Agreement[9] 5,000 $5,000 Cure Payment Receipts [ 11] 789 - - - $789 Escrowed Premium and Maturity Receipts [ 12] 44,553 - - $44,553 Application of PHT Escrow Funds [ 13] (15,000) - - - ($15,000)Bankruptcy Costs (Administrative and Priority

Claims, Professional Fees) [ 14] (28,747) (1,661) (1,661) (1,661) ($33,730)PHT Legal & Administrative Costs [ 15] (2,517) (2,817) (2,313) (7,981) ($15,628)PHT Premium Reserves [ 16] - (1,349) (4,330) 3,882 ($1,797)Servicing Fees [ 17] (730) (3,177) (3,745) (27,896) ($35,548)

C a sh A v a i l a bl e f r om P HT Ope r a t i ons 7 3 , 6 8 4 2 4 , 4 6 6 5 4 , 9 4 2 4 7 8 , 3 3 9 $631,431 P r e - Ef f e c t i v e Da t e Adj ust me nt sBeginning Cash Adjustment 1,473 $1,473 Exclude Pre-Effective Date Maturities [ 2] (74,936) - - - ($74,936)Exclude Pre-Effective Date Premiums [ 3] 25,556 - - - $25,556 Include Other LPI Pre-Effective Date Cash Flows (6,958) - - - ($6,958)Tot a l P r e - Ef f e c t i v e Da t e A dj ust me nt s ( 5 4 , 8 6 5 ) - - - ($54,865)

Reserves for PHT Operations [ 18] (18,819) 17,997 (559) (4,850) ($6,231)Distribution of Ending Cash [ 19] - - - -Distributions to Continuing Position Holders andNew IRA Noteholders (on 5% interest) [ 20] (853) (871) (2,448) ($4,172)

C a sh D i st r i but i ons t o P HT Be ne f i c i a r i e s

( Ex c l udi ng Cont i nui ng P osi t i on Hol de r s) 4 1, 6 10 5 3 , 5 13 4 7 1, 0 4 0 $566,163





Maturities [ 2] $101,476 $115,462 $135,499 $997,244 $1,349,681 Premiums [ 3] (36,099) (49,046) (62,036) (475,649) (622,830)Ne t Ca sh Fl ow f r om P or t f ol i o 6 5 , 3 7 7 6 6 , 4 16 7 3 , 4 6 3 5 2 1, 5 9 5 7 2 6 , 8 5 1

New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (3,831)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - 44,553Application of PHT Escrow Funds [ 13] (15,000) - - - (15,000)

Bankruptcy Costs (Administrative and PriorityClaims, Professional Fees) [ 14] (28,747) (1,661) (1,661) (1,661) (33,730)PHT Legal & Administrative Costs [ 15] (2,517) (2,817) (2,313) (7,981) (15,628)PHT Premium Reserves [ 16] - (1,349) (4,330) 3,882 (1,797)Servicing Fees [ 17] (730) (3,177) (3,745) (27,896) (35,548)

Ca sh Av a i l a bl e f r om P HT Ope r a t i ons 7 3 , 6 8 4 2 4 , 4 6 6 5 4 , 9 4 2 4 7 8 , 3 3 9 6 3 1, 4 3 1

P r e - Ef f e c t i v e Da t e Adj ust me nt sBeginning Cash Adjustment 1,473 1,473Exclude Pre-Effective Date Maturities [ 2] (74,936) - - - (74,936)Exclude Pre-Effective Date Premiums [ 3] 25,556 - - - 25,556Include Other LPI Pre-Effective Date Cash Flows (6,958) - - - (6,958)Tot a l P r e - Ef f e c t i v e Da t e Adj ust me nt s ( 5 4 , 8 6 5 ) - - - ( 5 4 , 8 6 5 )

Reserves for PHT Operations [ 18] (18,819) 17,997 (559) (4,850) (6,231)Distribution of Ending Cash [ 19] - - - -Distributions to Continuing Position Holders andNew IRA Noteholders (on 5% interest) [ 20] (853) (871) (2,448) (4,172)

Ca sh D i st r i but i ons t o P HT Be ne f i c i a r i e s

( Ex c l udi ng Cont i nui ng P osi t i on Hol de r s) 4 1, 6 10 5 3 , 5 13 4 7 1, 0 4 0 5 6 6 , 16 3





New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (3,831)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - 44,553Application of PHT Escrow Funds [ 13] (15,000) - - - (15,000)








What about the Continuing Holders, what if we put in numbers instead of percentages?

Well, which do you think is larger over ten years, TA's annual servicing fees, or TR's fee at maturity?

Let's look.

Next slide shows the total servicing fees from TR's Exhibit D.






New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (3,831)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - 44,553Application of PHT Escrow Funds [ 13] (15,000) - - - (15,000)Bankruptcy Costs (Administrative and Priority

Claims, Professional Fees) [ 14] (28,747) (1,661) (1,661) (1,661) (33,730)PHT Legal & Administrative Costs [ 15] (2,517) (2,817) (2,313) (7,981) (15,628)PHT Premium Reserves [ 16] - (1,349) (4,330) 3,882 (1,797)

Servicing Fees [ 17] (730) (3,177) (3,745) (27,896) (35,548)






N e w IR A N o t e & C o n t in u ing H o ld e rs 14,188 14,188 14,188 14,188I RA Not e

Beginning Balance 0Interest Received - 426 426 2979 3831Principal Received - - - - 0Ending Balance 14,188 14,188 14,188 14,188 14,188

New IRA Noteholder Payments Received - 426 426 2,979 3,831New IRA Noteholder Distributions from PHT [20] 21 21 59 101P a y me nt s / D i st r i but i ons t o Ne w I RA 447 447 3038 3 , 9 3 2

Cont i nui ng Fr a c t i ona l I nt e r e st s

Maturities [ 22] 42,515 48,832 45,868 113,945 251,160Premiums [ 23] (14,561) (19,934) (20,335) (52,978) (107,808)Escrowed Premium Credit [ 24] 30,468 - - - 30,468Exclude Pre-Effective Date Maturities [ 25] (31,242) - - - (31,242)

Servicing Fees [ 26] (332) (1,439) (1,352) (3,358) (6,481)

Cont. Frac. Holder Distributions from PHT [ 20] 833 850 2389 4072Di st r i but i ons t o Cont ' g Fr a c t i ona l Hol de r s 2 6 , 8 4 9 2 8 , 2 9 2 2 5 , 0 3 1 5 9 , 9 9 8 14 0 , 17 0D i st r i but i ons t o Ne w I RA Not e & Cont i nui ng Hol de r sM a t ur i t y Esc r owDi st r i but i on of P r e - Ef f e c t i v e Da t e M a t ur i t i e s [ 2 7 ]

15 7 , 2 8 3 15 7 , 2 8 3

Tot a l Re c ov e r i e s D i st r i but e d [ 2 8 ] 867,548

PHT Servicing ‐ $35,548

CH Servicing ‐ $6,481

Total ‐ $42,029


So, 42 million is the Trustee figure.

Let's look at TA's Ex. 4.

Total Servicing Fee ‐ $43,736

Pool Servicing Fee ‐ $29,065

CH Servicing Fee ‐ $14,671


So, 42 million is the Trustee figure.

Let's look at TA's Ex. 4.

So, 43 million is the Transparency figure.

What happens if we add these numbers to the chart?

Transparency TrusteeCIH $14,671 $6,481PHT $29,065 $35,548

$43,736 $42,029

Use the same 10‐year comparison


$6,481

$35,548

$14,671


$15,628

$88.3 millionPlan $61.8 million

Committee Comment on Transparency Chart Using Figures In Approved Charts

$29,065


So, what do you suppose the remaining numbers are?

How much is 3.1% of the CIH's? How big is that bill going to be?

$3,100 per 100K 35% of $2.3B = $807,856M

$25,043


In contrast, is 5% pooling cash out of pocket on the effective date?

No, it's not.

Look at the next two slides to see that holding 95% of a fractional interest and pooling a 5% fractional interest is not a bill.

95% Continuing Interest – Paid from a Maturity Less Premiums paid by the Holder

5% Pooled Interest – Paid from all Maturities Less all Premiums paid by the Pool

95% Continuing Interestand

5% Pool Interest

PRODUCE A RETURN OVER TIME

SO, POOLING IS NOT A BILL


But, what about the current maturities?

Won't pooling their 5% cash be cash out of their pocket on the effective date?

Sure, but how much is that number?






New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (3,831)New IRA Note Sinking Fund Reserves/Payments [ 5] - (946) (946) (6,621) (8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076)Creditors' Trust Funding [ 8] (2,000) (5,000) (5,000) - (12,000)Cash Consideration for Servicing Agreement[9] 5,000 5,000Cure Payment Receipts [ 11] 789 - - - 789Escrowed Premium and Maturity Receipts [ 12] 44,553 - - 44,553Application of PHT Escrow Funds [ 13] (15,000) - - - (15,000)



P r e - Ef f e c t i v e Da t e A dj ust me nt sBeginning Cash Adjustment 1,473 1,473Exclude Pre-Effective Date Maturities [ 2] (74,936) - - - (74,936)Exclude Pre-Effective Date Premiums [ 3] 25,556 - - - 25,556Include Other LPI Pre-Effective Date Cash Flows (6,958) - - - (6,958)Tot a l P r e - Ef f e c t i v e Da t e A dj ust me nt s ( 5 4 , 8 6 5 ) - - - ( 5 4 , 8 6 5 )



( Ex c l udi ng Cont i nui ng P osi t i on H ol de r s) 4 1, 6 10 5 3 , 5 13 4 7 1, 0 4 0 5 6 6 , 16 3

N e w IR A N ot e & C on t inu in g H o lde rs 14,188 14,188 14,188 14,188I RA Not e

Beginning Balance 0Interest Received - 426 426 2979 3831Principal Received - - - - 0Ending Balance 14,188 14,188 14,188 14,188 14,188New IRA Noteholder Payments Received - 426 426 2,979 3,831New IRA Noteholder Distributions from PHT [20] 21 21 59 101P a y me nt s / D i st r i but i ons t o Ne w I RA Not e hol de r s 447 447 3038 3 , 9 3 2

Cont i nui ng Fr a c t i ona l I nt e r e st sMaturities [ 22] 42,515 48,832 45,868 113,945 251,160Premiums [ 23] (14,561) (19,934) (20,335) (52,978) (107,808)Escrowed Premium Credit [ 24] 30,468 - - - 30,468Exclude Pre-Effective Date Maturities [ 25] (31,242) - - - (31,242)Servicing Fees [ 26] (332) (1,439) (1,352) (3,358) (6,481)Cont. Frac. Holder Distributions from PHT [ 20] 833 850 2389 4072Di st r i but i ons t o Cont ' g Fr a c t i ona l H ol de r s 2 6 , 8 4 9 2 8 , 2 9 2 2 5 , 0 3 1 5 9 , 9 9 8 14 0 , 17 0

D i st r i but i ons t o Ne w I R A Not e & C ont i nui ng H ol de r s

Maturity Escrow

Distribution of Pre‐Effective Date Maturities [ 2 7 ] 157,283 15 7 , 2 8 3

Tot a l Re c ov e r i e s D i st r i but e d [ 2 8 ] 867,548

100% of Maturities ‐ $165,561

95% of Maturities ‐ $157,283

Pooled Maturities ‐ $8,278


For those of you who are still thinking that the 5% pooling takes away value, consider this: both fractional interest holders and the pool are investing in the same policies. How much different can the value of a 95% fractional interest and a 5% pooled fractional interest really be?

And does Transparency even try to answer that question? No, they just assume the 5% becomes worthless when put into the pool.

But, look at the Trustee's Ex. D. The pool pays a return. That is interest is not worthless.

Besides, Transparency is comparing the 5% pooling to their 3.1% bill.

So, let's add the numbers onto the chart that are actually cash‐out‐of‐pocket numbers on the effective date, and see which plan takes more money from continuing interest holders on the effective date.

Use the same 10‐year comparison5% is not a bill


$6,481

$8,278

$35,548

$14,671

$25,043


$15,628

$113 millionPlan $70 million


$29,065


There is one other number that Transparency changed, for some reason they used a higher exit financing number than was in their chart. See the next slide.

Notice also that their PHT admin is for only one year? Curious.

Notice also that there is no Moran fee in the PHT. That is because he is not the PHT Trustee! In fact, the bankruptcy judge will assess his fee as part of the bankruptcy costs, and both plans have to pay the same.

PHT Legal (1 Year) ‐ $1,130 (No Moran Fee in Pool)

Exit Financing Fee (10 Years) ‐ $41,785


They also could have found the Trustee (Vida) exit fee on the Trustee's Exhibit D. See the next chart.






New IRA Note Interest Payments [ 4] - (426) (426) (2,979) (3,831)New IRA Note Sinking Fund Reserves/Payments - (946) (946) (6,621) (8,513)Maturity Funds Facility Draws [ 6] 11,172 - - - 11,172Maturity Funds Facility Payments & Interest [ 7] (26,656) - - - (26,656)DIP Facility Draws[9] 5,000 5,000DIP Facility Payments and Interest[9] (5,058) (5,058)Exit Facility Draws[9] 22,901 22,901 22,901 Exit Facility Payments and Interest[9] (400) (26,576) (100) (27,076) (27,076)

Exit Facility Net: (4,175)


So, here's a chart that uses the numbers that we have just walked through.

You can see that it shows a very different picture of the two plans.

Use the same 10‐year comparison5% is not a bill


$6,481

$8,278

$35,548

$14,671

$25,043


$15,628

$111,664Plan $70,135


$41,785 $4,175

$29,065


BE SMART.

READ THE COURT‐APPROVED EXHIBITS. SEE FOR YOURSELF.

WE THINK YOU WILL WANT TO:

VOTE FOR THE TRUSTEE PLAN.

VOTE TO REJECT THE TRANSPARENCY PLAN.

IF YOU VOTE 'YES' FOR BOTH, EXPRESS YOUR PREFERENCE FOR THE TRUSTEE PLAN.

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