One result of mediation — both parties have agreed to extend the deadline for Windstream to accept or reject the Uniti lease. The new date is December 6.
http://www.kccllc.net/windstream/document/1922312190806000000000015
Windstream will continue to make lease payments until then.
Both parties agreed to limit their public comments (and dissing each other). They may still make factual comments required by law (financial reports, etc.).
See Exhibit A of the document for the exact details.
The judge just confirmed the extension:
http://www.kccllc.net/windstream/document/1922312190820000000000020
Now I see what's going on. Uniti is responding to a different filing by Windstream in late July:
• http://www.kccllc.net/windstream/document/1922312190724000000000016
I'm confused.
Now Uniti is objecting to a Windstream request for an indefinite deadline extension.
• http://www.kccllc.net/windstream/document/1922312190808000000000008
I thought the filing above asked for a mutually agreed extension of 90 days. I guess I didn't read it closely enough. Maybe somebody else can (I'm tied up the next several days).
Reading the Uniti filing, they cite the statutes (indefinite deadlines not allowed) and lack of any precedent for an indefinite deadline. It certainly seems compelling but I'm not a lawyer.
I can’t believe Win is now claiming the spinoff is really a refinancing deal. Just as Aurelius claimed.
These rats can't leave millions behind. Every penny will be cleaned out.
Good plan. Tbag and the grungy brothers decide next meeting would be in December in Paris. Their last trip on the Corp jet and they will make the y announcement of massive layoffs on top of a hill in the alps. Similar to the Von Traps as they each find a way to squeeze a few more millions out of the bleeding carcass.
What we know for sure was The reit allowed Windstream to Mislead investors about the companies financial performance by omitting certain costs. I’m sure we are in the beginning of a much larger investigation.
A different bankruptcy judge is acting as the mediator between Windstream and Uniti - that's all. She has no deciding power – she's just helping facilitate their negotiations.
Isn't there a different bankruptcy judge looking at the issue of whether spinning off things to Uniti was even legal?
Have to milk every penny of that motivational bonus.
There will be major layoffs WAY before that.....guaranteed
PUNT!
This doesn't fix any of the problems going on through the chapter 11. All this does is kick the can down the road. By moving this out to December this will guarantee that the executives see their payout for all 4 quarters of KEIP /KERP payments. This leads me to believe their will be layoffs after the 1st of the year.
Give them plenty of time to separate clec from ilec operations in perpetration to split it off some part to Uniti. What a crooked deal this is.