Here is an update from the Avaya attorney:
Mr. Emberger --
Apologies for the delay. I hope you had a restful Veteran’s day, to the extent you observe that holiday.
Thank you for checking in re the below. As you know, Avaya’s goal was to give as much as possible in the first distribution, with the second distribution being basically a small re-distribution of the uncashed checks. For this second round of distribution, after additional settlements reached and checks cashed, less than $1 million was available for distribution to about $258 million in claims. You are correct, the distribution percentage was about 0.3% before taxes.
The withholding was the same as last time, with the caveat that it may be different for an individual depending on if an individual moved, reached their FICA max, etc.
Individuals seeking more information about withholding may contact Prime Clerk at 855-212-2156 or via email:
avayainfo@primeclerk.com.
Thank you --
RME notes:
(1) Per my post as of October 23, 2018 (yup last year) the federal tax was withheld at 22%, although Avaya never confirmed that percentage. If you want to check your percentages, you can go back to your W-2's for last year. If you want to get the exact dollar withholding for this year, you can contact Prime Clerk at the number above. I am confident you will get a W-2 by the end of January for this year's distribution.
(2) Per my post of July 23, 2019: "As of June 5, there was $2,040,005 remaining of the $57 million set aside to pay unsecured creditors (Avaya retirees and others). I presume that does not include the SAE Power settlement." The "less than $1,000,000" means that SAE Power may have gotten paid up to $1 million on its claim. We will never know. That would mean that the the SAE Power claim was valued at approximately $5 million. That would encompass the "$1,218,785.40 for SAE’s pre-petition Misappropriation Claim and the $200,000 in prejudgment interest on that amount" (Docket 2048) plus "SAE’s post-petition Misappropriation Claim is estimated at $6.41 for each Delta PSU sold containing SAE’s trade secrets after April 1, 2017." (Also Docket 2048), provided "Avaya Inc. (or any of the Debtors) [was] found to be liable to SAE for misappropriation of trade secrets"
(3) Many of the approved claim amounts were negotiated with Avaya and are confidential. We can only trust that the GUC Administrator did the due diligence on approving the amounts.
Bob Emberger