The Art of Vulture Investing by George Schultze & Janet Lewis

Author:George Schultze & Janet Lewis
Language: eng
Format: epub
ISBN: 9781118234730
Publisher: Wiley
Published: 2012-08-17T16:00:00+00:00

We were able to fold the Atlantic City subsidiary into the rest of the Tropicana operating company before taking the entire company public again a few months after emerging from reorganization in March 2010. The reorganized company was able to issue new stock again so quickly because of the bankruptcy exemption from the SEC’s normal application procedures for an initial public offering. This exemption, an important tool in difficult bankruptcies like Tropicana’s, applies to former public companies that have remained current with their normal SEC reporting requirements during reorganization.

As a result, shortly after we won the credit bid auction for the Atlantic City casino, we were well on our way to finalizing a plan that would give pre-petition OpCo lenders all of Tropicana’s newly issued common stock. Of course, none of it was that easy. It took many more conference calls, negotiation sessions, and fights in court to approve the specifics of the reorganization, the vote on the plan, the amounts to pay for professional fees, the proposed tax structure, and even the language of the litigation trust agreement.

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