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Subject:  Re: Any updates on Edison Mission Energy bonds? Date:  4/2/2014  8:00 PM
Author:  howardgt Number:  35235 of 36693

Just received my EME reorg payout credited to my account.

5000 7.75% 6/15/2016 cusip (281023AR2)

Cash 3358.40 67.168
NRG stock 17 shares (marked@32.15/shr) 546.55 10.931
EME reorg Trust 5193 units ?

It’s my understanding that the Unit Trust is entitled to future payments according to the following EIX settlement agreement:

EIX would make $634 million in total payments through 2016 (including interest):
$225 million upon closing
$199 million on September 30, 2015
$210 million on September 30, 2016

So if my analysis is correct, maybe another 17 cents on the dollar (634/3700) in the future.
This works out to over 95 cents on the dollar… not too bad for a BK workout…it pays to be patient!

From my experience, reorg workouts have been very good recently. My defaulted OSG bonds are trading above par and Exide bonds are trading in the 70’s. It will be interesting to see how unsecured bondholders make out with TXU and James River?

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