Payment to begin soon?

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Re: Payment to begin soon?

Postby remberger » Mon Jan 21, 2019 7:05 pm

Estimate of final distribution.

On January 21, 2019, Avaya filed Debtor’s post confirmation settlement report (Docket 2284) . Based on the original settlement document (Docket 2192) and the quarterly report (above), We have enough information to deduce how much we might potentially get in a subsequent distribution. Based on my previous post, there are $4,489,131 on claims yet to be finalized. At 19.8%, they would use $888,847.93 of the remaining pot if they were upheld in their entirety. The pot currently has $1,776,799 left in it, so there is an excess of $887,951. So if all of the remaining claims are upheld, the final distribution would be about 0.31% or $3.10 per $1,000 of approved claim value. If none of the remaining claims are upheld, the final distribution would be 0.63% or $6.30 per $1,000 of approved claim value. Based on the relatively small amount to be distributed, I would not expect any additional distribution until all claims are settled.

For those who are interested, I have recapped the remaining claims and my calculations below.

Best Wishes,

Bob Emberger

Remaining Claims

Claims with no progress (that I can detect) : $4,458,370.
There are 5 claims in this group – 2 by Spirent, and one each by SAE Power, Alan Wattenmaker, and the State Board of Equalization. The biggest claim in this group is SAE Power which Judge Bernstein estimated at $3,252,182. At one time, Avaya asked for this claim to be expunged.

Claims with the objection date extended to March 15: $30,761
There are two claims, both by the state of Tennessee


Calculations:

Docket 2192

Approved claims : $254,431,883.05
Reserved claims : $ 33,501,218.38
Total claims : $287,933,101.43

Payout pot: $ 57,000,000.00
Payout % : 19.796%
Amount dispersed: $ 50,368,010
Amount held back: $ 6,631,990

Quarterly financial report for quarter ending 12/31/18

Total Pot: $ 57,000,000
Amount Dispersed: $55,223,201 (Note 1)
Amount Remaining: $1,776,799
Claims Remaining (per RME estimate): $ 4,489,131
Amount required to service remaining claims: $ 888,680
Excess currently in payout pot: $877,818.

Minimum additional payout: 0.31% = $877,818 / ($254,431,883.05 + $24,577,823 + $4,489,131)
Maximum additional payout: 0.63% = $1,776,799 / ($254,431,883.05 + $24,577,823)


Note 1: Implies $4,865,490 paid for claims settled after Docket 2192. Those claims would be valued at $24,577,823
remberger
 
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Re: Payment to begin soon?

Postby rpuckett23 » Tue Apr 02, 2019 3:47 pm

bob,,,happy spring

saw a 5/15 date for a claim motion.....

my claim was 550k and was looking for another 15 -30k this summer

what do you think.....maybe june payouts?

enjoy retirement
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Re: Payment to begin soon?

Postby remberger » Wed Apr 03, 2019 6:25 am

Happy spring to you, too!

Avaya will file its next quarterly report around the end of the third week of April. I will look at it then. When I looked at it after their January report, the additional payout would likely be less than 0.5%. On a $550,000 claim, that would be $2,750 at most.

The bottom line is, I'm not expecting anything and will be pleasantly surprised if a small check eventually comes.

Bob Emberger
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Re: Payment to begin soon?

Postby remberger » Wed Apr 03, 2019 6:30 am

Happy Spring to you too!

Avaya will probably file its next quarterly report at the end of the third week of April. I will look at it then. When I looked at the numbers after the January report, I estimated that the likely payout would be less than 0.5%. For you $550,000 claim, that would be less than $2,750.

The bottom line is, I am not expecting anything other than a small additional payment, if anything. I will be pleasantly surprised if I eventually get a small additional payment.

Bob Emberger
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Re: Payment to begin soon?

Postby Baxley » Tue Apr 16, 2019 6:35 am

Is 0.5% an ordinary figure in cases like this, Bob?
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Re: Payment to begin soon?

Postby lolaz13 » Mon Sep 09, 2019 8:10 am

Hey - does anyone know how to change address for the Ayaya pension issues? I've changed it on PBGC, but I need to ensure that if there's another distribution, Avaya can find me!!

Thanks!
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