The "revised" EC letter

The guidance I provided for writing a letter on 4/16/10 needs to be updated.

MMPI is currently working to get its Second Amended Plan confirmed.

Item 3 needs to be freshened up. Here are the most up-to-date areas of concern:

• The Second Amended Plan contemplates wiping out existing equityholders and infusing New Equity via a private placement to "accredited investors".
• Current management controls 51.9 percent of MMPI equity. The plan represents a "management plan".
• The Official Unsecured Creditors Committee had a potential plan proponent that was willing to to pay more than $10 million for the equity in MMPI, pay all unsecured creditors in full on the Effective Date and provide better treatment for secured creditors. The majority of members on this committee are not interested in pursuing any other plan. The OUCC was the only other party who can propose a plan.