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If fees go up the total amount distributed to unsecureds will go down, since the pot of money is fixed. And all the unsecureds are accruing interest, so if the size of the pot goes down all the unsecureds will get less. Yeah you are correct. Our bonds do earn more than the converts - 15% to 12%, but that won't change much.

First of all - many thanks for bringing this to my attention last year. I think your numbers make sense as at 5/31 and IF the $7MM "liquidity payment" due to Bridge Note holders is included in the Monitor's $64 million number owing quoted in the 13th Report. But the wording suggest it is not included, see p 10 for wording. Interest until today adds a half penny per share. A share of an additional liquidity payment would add 4 cents - total $17 million. Working the math on interest suggests the payment IS included though. Also 13th report says purchaser is to lend funds to Wireless to pay off secured obligations - so that money could be funded in days if not already. As for the unsecured's I get a 40% recovery of $38.6 million principle plus interest or 42 cents per share. Not sure how long it takes to get a plan approved and funded, possibly months. But interest will be ticking at 15% (roughly $3 million a month) so even if fees go up and it takes more time, the actual recovery percentage may not change that much.

I'm long this and buying more today. See monitor report for capital structure: http://documentcentre.eycan.com/eycm_library/Project%20mike/English/Monitor's%20Reports%20(Sixth%20and%20Eighth%20Report%20are%20located%20in%20their%20own%20sub-folders)/Thirteenth%20Report%20of%20the%20Monitor%20Dated%20June%2023%202015.pdf I get roughly 42% recovery for the Unsecureds...

RAFI Regency Affiliates will re-lease 700k SF building in Maryland in 2018 and refi mortgage and may be able to pay a dividend roughly equal to market cap (or more likely retain the proceeds for reinvestment). Government building on a 9 cap rate worth 100 millionish - but if re-leased long term to social security why couldn't it be sold at a 6 cap (150 million) to somebody? It is backed by US Treasury. On VIC 2 months ago.

"Also i think getting a result also requires activism..." Activism, which WEB did with the takeover of Berkshire Hathaway in 1965 a year after getting hacked off at the chiseling tender offer. Shows the human, emotional side of him I thought and even though he calls it a mistake, I think he is proud of it and would do it the same way again.

SWD traded .29-32 today. I just talked to someone who knows Columbia gold companies and he was not complimentary about the SWD property - low grade, expensive to hold, never be built etc...I am going to sell my SWD at 30...big loss for me.

One of his gold "options" is a big position in SWD (on TSX) which trades for roughly cash but has an 11 million ounce gold deposit in Columbia. The deposit would need cap ex of billions to develop and is not economic at current gold prices. Of course Baupost is in at much higher prices. For the rest of us the hedge is pretty cheap at these prices.

Thought I'd throw this out there: ITSI announced reverse forward split cashing out shareholders at $1.33. Closed $1.27 today. So 5% in maybe 4-6 months? Can you believe this ratio - 9,245,317-for-1!? So you can put some money into it. Not super exciting but one to monitor and buy if cheaper or closer to cash out.

I'm pretty happy with Fidelity. No fees, free checking, they pay interest (not much though), rebate on any ATM fees. I use it as my main broker as well and pay a flat $5 per trade (negotiated). They also have a credit card that pays you a 2% rebate into your Fidelity account. They have a local branch which is convenient for me. And I use the web based check deposit service a lot.