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