Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 1 of 30
2000
to
Based
upon
the Projections
the
Debtors believe
that
confirmation
of the Plan
is
not
likely
be followed by the liquidation
or further reorganization
of the Debtors
Compliance
with the Applicable
Provisions
of the
Bankruptcy Code
Section applicable leading
to
11
29al of the Bankruptcy
Code
of the Plan various
issues
in
Code
requires
that
the
Plan comply
with the
provisions
of the Bankruptcy
During the course
legal issues
of management analyses
the formulation
were raised
The Debtors have
that the
considered
each of these
the
development
of the Plan and believe
Plan complies
with
all
applicable
provisions
of the Bankniptcy Code
Alternatives
to
Confirmation
and
Consummation
of the Plan
The Debtors have
structures
evaluated
sale
alternatives
to
the
Plan including
as
alternative
Plan
either as
and terms including
or
the
of the Debtors
subsidiaries
going concern
the adoption
whole
on
breakup
basis the liquidation
concluded
of Coram
that
and delaying
is
of any plan of and will
the
reorganization
The Debtors have
by
holders
the
Plan
If
the best alternative
is
maximize
subject
to
recoveries
of Allowed by
the
Claims
the
Plan
to
not
confirmed
Debtors or
further determination periods
Bankruptcy
Court as
an extension
of the Debtors
could attempt
to
exclusivity formulate discussed
under the -Bankruptcy
different
Code
any other party-ininterest of reorganization Debtors believe
that
and propose
in sections
plan or plans XII
Elowever
if
for the reasons
is
ffl.C and
above
the
that
their plan
not
confirmed
claims
if to
by
or before
December 29 2000
the value
might be realized
scenario including
by holders
of allowed Further
will plan
be dramatically of reorganization
case or the
lower under any alternative
can
liquidation
no
be confirmed
the
Debtors Chapter II cases be liquidated
case pursuant
to
may
be converted
plan
chapter
Debtors may otherwise
Chapter
liquidating the proceeds
in
of
reorganization liquidation
priorities
under
11
In
to
liquidation
under Chapter
of the with the
would
be distributed by
the
the respective
creditors of the contractual
Debtors
accordance
the
established
Bankruptcy
Code
and
priorities
and
and
Debtors believe
holders
of Allowed
Claims other than holders no material
of Allowed whatsoever
is
Administrative
other Priority
Claims would
that
receive
distributions of the
-Plan
Accordingly
to
the
Debtors believe
described
Confirmation
and consummation
preferable
any alternatives
above
74
A631
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 2 of 30
XVII
PROJECTIONS
Purpose
of
the Projections
As
other things that
condition the
to
confirmation
of
plan
that
the
Bankruptcy
is
Code
requires
among
Bankruptcy need
Court determine
confirmation
not likely to
be followed
In
by
the liquidation
or the
for further financial
reorganization for
of Reorganized
Coram
connection withthe
satisfies this
development standard
of the Plan and
the
purposes
of determining whether
the ability
the
Plan
feasibility
Debtors
management has analyzed Toward
this
of the developed
year
0-
Debtors
business period
to
meet their obligatipns and Projections
Under the Plan
end
the
Debtors have
plans
of earnings cash flows
and financial position
for the four
beginning January
2001
The
the
Projections
annexed and
hereto
as Exhibit
to
should be read
in conjunction
set
with forth
assumptions
the
qualifications consolidated information
the footnotes
tables containing
the Projections
herein
historical
financial
set
information
including
the.notes
and
schedules
thereto and
the other
forth in the as Exhibits
Annual and
Report on Form
respectively
10-K
full
and
the Quarterly
Report of Form lO-Q annexed hereto
are incorporated herein
to
the
texts
of which
by reference be reasonable
The
and
Projections applied
in
were prepared in good manner
consistent
faith
based upon
assumptions believed
with past practice
The
Guidelines
Certified for
Projections
Were
The
Not
Prepared
with
View
to
Complying with
the of
Prospective Accountants
Financial Statements
Published
by the American Institute Accountants
Public
the
Debtors Independent
Financial
Have
Not
Compiled
the
or Examined Reasonableness
Accompanying
Thereof
Prospective
Information Expressed
to
Determine or
and
Accordingly
Have
Not
Any
Opinion
Any
Other
Form of
Assurance
with Respect
Thereto
The Debtors Do Not
and
Strategies
as
Matter
of Course Publish
Their Business Plans
or Projections Accordingly
of the
Their Anticipated Debtors
Financial Position Results of Operations Intend
to
or Cash Flows Furnish
interests after
Do Not
and
Disclaim
of
Any
or
Obligation to
Updated
Business Plans or Projections Date or to Holders Updated or
of
Holders
Claims Stock
or Equity
Prior to the Effective
New Coram
Any
Other
Party
the Effective
Date
to
In Filed
elude Such with the
Information Otherwise
in
Any Documents
Which
May
Be Required
Be
SEC
Make Such Updated
Information
Publicly
Available
The
by the Debtors
Specificity
Projections
Provided These
in
the
Disclosure
Statement
Have
Been Prepared
0-
Management
Necessarily
Projections While Variety
of
Presented with Numerical and
Are
Based
upon
Estimates Not
Assumptions Which
and
Though
Considered Subject
Reasonable
to Significant of
by Management
Business
May
Be Realized
Competitive
Are
and
Inherently
Economic
and
Uncertainties
Contingencies Representations
Many
Which Are Beyond Control
as
to
The
These
Debtors Caution
Financial
That
No
or to the
Can Be Made
the
Accuracy
of
Projections
75
A632
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 3 of 30
Ability
of
Reorganized
Coram
to
Achieve and
the
Projected
Results
Some Assumptions
Occurring Subsequent
to
Inevitably the
Will Not Materialize on Which or These
Events
and
Circumstances
Date
Projections
Were
and
Prepared
May Be
Different
from Those
in
Assume
and
May
Be Unanticipated
Thus May
Affect
Financial Results
Material
as
Possibly
Adverse
Manner
The Projections Therefore
of the Actual
Results
guaranty
or Other Assurance
May Not Be Relied upon That Will Occur
Summary
of Significant
Assumptions
Effective
Date
and Plan Terms
The
with
Projections
assume
an Effective
Date
of no
in
later
than
December 292000
with the treatment Equity Interests
its
Allowed
in
Claims and Allowed Plan with respect
the
to
Equity Interests treated
such
accordance Allowed
provided Projections
the
Allowed
Claims and
The
consider
its
ongoing With
operations
to
of Reorganized
Coram and
as
proposed
planfor
managing
operations has
respect
that
the
expenses incurred
result
of the Chapter 11
11
Cases management
Reorganization
assumed
the
Debtors will confirm
Chapter
Plan of
and emerge from Bankruptcy Chapter
11
by December 29 2000
the
IfReorganized
Coram
does not emerge from
the
by December 29 2000
Debtors
may be unable to confirm
and incur
be.in their
Plan in the form presently
proposed
may have among
to revise
their Projections
additional
bankruptcy expenses because withStarlcll be
significant
other
reasons the Debtors may no longer of Stark and
II
compliance
will likely
See Section
XII
Discussion
operations
Issues
flows
In
such
event
impact on Corams
cash
Reorganized
Comms
Business
Reorganized
alternate
site
Coram including
business
resource All
its
subsidiaries
will continue decisions
will
to
operate
its
core
infusion
therapy
major management
concerning
capital
expenditures Reorganized
marketing
human
policies
and other matters
be made centrally from
Corams
executive
offices in
Denver Colorado
Reorganization
Value
The
Debtors have been
to
advised value
by Chanin
Capital
Partners
their
financial
for
advisor with respect
the
the reorganization value Capital ordinary of
of Reorganized
Corani
Comm
Solely
purposes
of
Plan
the reorganization
Reorganized
to
was assumed
by the Debtors based
million plus the
upon
advice
from
Chanin
Partners course an
be approximately payable and
amount
of Reorganized Reorganized
Corams
accounts
similar obligations
for
Corarn based
upon
assumed
Effective
Date of December
29 2000
2001 BASIS OF
THE ASSUNED
REFLECTS
REORGANIZATION BY
WORK PERFORMED
CIANN
CAPITAL PARTNERS
VALUE AS OF JANUARY ON TI-IF
76
A633
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 4 of 30
INFORMATION AVAILABLE
IN RESPECT
OF THE
BUSINESS
TO
CIiANIN
CAPiTAL PARTNERS
DEBTORS NOR CHANIN CAPITAL PARTNERS OF THE REORGANIZATION ENTERPRISE AVAILABLE TO THE DEBTORS OR C1-IANTN AUGUST
2000
DEBTORS THE HAS UPDATED THE ESTIMATED RANGE VALUE TO REFLECT INFORMATION CAPITAL PARTNERS SUBSEQUENT TO
ASSETS OF
TIlE
AND
AS OF AUGUST
2000
NEITHER
Based
the
upon
the an
assumed imputed
reorganization estimate
enterprise
value of Reorganized
equity value for
Coram New New
Debtors have
employed
of the reorganization
Reorganized
Coram of approximately $29 million or approximately $2.90 per
million zero
share shares
of of
Coram Stock based upon an assumed distribution often Coram Stock under the Plan and an aggregate amount of
completion of such distribution
10000000
shares
outstanding
upon
The
based on and
the
foregoing
estimates
of the reorganization
successful
value
of Reorganized
Coram
are
number of assumptions
in
including
reorganization
of the Debtors
business
finances
timely
manner
the
implementation
of the Reorganized expected
with
its
Corams
business
plan
as
achievement
of the forecasts and
the Plan
reflected
in the Projections
in
market conditions tenns on
basis
of
January 2001
becoming
effective
accordance herein
consistent
with the estimates
and
other
assumptions discussed
CORAM
CHANIN
FINANCIAL
ESTIMATING THE REORGANIZATION VALUE OF REORGANIZED CAPITAL PARTNERS REVJEWED CERTAIN HISTORICAL INFORMATION OF THE DEBTORS FOR RECENT YEARS AND INTERIM
IN
PERIODS II REVIEWED CERTAIN INTERNAL FINANCIAL AND OPERATING DATA OF THE DEBTORS INCLUDING FINANCIAL PROJECTIONS PREPARED AND PROVIDED BY MANAGEMENT RELATING TO ITS BUSINESS AND ITS PROSPECTS MET WITH CERTAIN MEMBERS OF SENIOR MANAGEMENT OF TIlE DEBTORS TO DISCUSS THEIR OPERATIONS AND FUTURE PROSPECTS IV REVIEWED PUBLICLY AVAILABLE FINANCIAL DATA AND CONSIDERED THE MARKET VALUES OF PUBLiC COMPANIES WI-ITCH CHANIN CAPITAL PARTNERS DEEMED GENERALLY COMPARABLE TO THE OPERATING BUSINESS OF THE DEBTORS CONSIDERED CERTAIN ECONOMIC AND INDUSTRY INFORMATION RELEVANT TO THE OPERATING AND BUSINESS VI REVIEWED CERTAIN ANALYSES PREPARED BY OTHER FIRMS RETAINED BY THE DEBTORS AND CONDUCTED SUCH OTHER STUDIES ANALYSES INQUIRIES AND INVESTIGATIONS AS IT DEEMED APPROPRIATE ALTHOUGH CHANIN CAPITAL PARTNERS CONDUCTED REVIEW AND ANALYSES OF THE DEBTORS BUSINESS OPERATING ASSETS AND LIABILITIES AND REORGANIZED CORAMS BUSINESS PLANS IT ASSUMED AND RELIED ON THE ACCURACY AND COMPLETENESS OF ALL FiNANCIAL AND OTHER INFORMATION FURNISHED TO IT BY THE DEBTORS AND BY OTHER FIRMS RETAINED BY THE DEBTORS AND II PUBLICLY AVAILABLE INFORMATION IN CHANThI ADDITION CAPITAL PARTNERS DII NOT
INDEPENDENTLY
VERIFY OF
MANAGEMENTS
SUCH
ESTIMATES
THE
PROJECTIONS IN CONNECTION WITH REORGANIZATION VALUE AND NO INDEPENDENT
77
A634
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 5 of 30
VALUATIONS CONNECTION
OR APPRAISALS OF THE DEBTORS HEREWiTH
WERE SOUGHT OR
OBTAINED
IN
ESTIMATES OF THE REORGANIZATION VALUE DO NOT PURPORT TO BE APPRAISALS OR NECESSARILY REFLECT THE VALUES WHICH MAY BE REALIZED IF ASSETS ARE SOLD AS
IN
GOING CONCERN
IN
LIQUIDATION
OR OTHERWISE
CORAM THE ESTIMATES OF TUE BY CHANIN CAPITAL PARTNERS REPRESENT THE HYPOTHETiCAL REORGANIZATION ENTERPRISE VALUE OF REORGANIZED CORAM SUCH ESTIMATES WERE DEVELOPED SOLELY FOR PURPOSES OF THE FORMULATION AND NEGOTIATION OF PLAN OF REORGANIZATION AND ThE ANALYSiS OF IMPLiED RELAT WE RECOVERIES TO CREDITORS THEREUNDER SUCH COMPUTATIONS ESTIMATES REFLECT OF THE RANGE OF TIlE ESTIMATED REORGANIZATION ENTERPRiSE VALUE OF REORGANIZED CORAJvI THROUGH THE APILICATION OF VARIOUS VALUATION TECHNIQUES AND DO NOT PURPORT TO
THE CASE OF REORGANIZED REORGANIZATION
VALUE PREPARED
REFLECT OR CONSTITUTE APPRAISALS LIQUIDATION VALUES OR ESTIMATES OF THE ACTUAL MARKET VALUE THAT MAY BE REALIZED THROUGH THE SALE OF ANY
TO BE IS SUED PURSUANT TO THE PLAN WHICH DIFFERENT THAN THE AMOUNTS SET FORTH HEREIN
SECURITIES
MAY BE SIGNIFICANTLY
THE VALUE OF AN OPERATING BUSINESS IS SUBJECT TO NUMEROUS UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT TO PREDICT AND WILL FLUCTUATE WITH CHANGES IN FACTORS AFFECTING THE FINANCIAL OF SUCH AS ARESULTTHEESTIMATE OF CONDITION AND PROSPECTS BUSINESS ThE ENTERPRISE VALUE OF REORGANIZED RANGE OF THE REORGANIZATiON CORAM SET FORTH HEREIN IS NOT NECESSARILY INDICATIVE OF ACTUAL OUTCOMES WHiCH MAY BE SIGNIFICANTLY MORE OR LESS FAVORABLE THAN THOSE SET FORTH HEREIN BECAUSE SUCH ESTIMATES ARE INHERENTLY SUBJECT TO UNCERTAiNTIES NEITHER THE DEBTORS CHANIN CAPiTAL PARTNERS NOR ANY
OTHERPERSON ASSUMES
VALUATION OF UNCERTAINTIES
RESPONSIBILITY
FOR
ITS
ACCURACY
SUBJECT
IN ADDITION
NEWLY-ISSUED
SECURITIES
IS
TO
THE ADDITIONAL
AND CONTINGENCIES ALL OF WHICH ARE DIFFICULT TO PREDICT ACTUAL MARKET VALUES OF SUCH SECURITIES WILL NOT ONLY DEPEND UPON INTEREST AMONG OTHER THINGS PREVAILING RATES CONDITIONS IN THE THE ANTICIPATED INITIAL SECURITIES HOLDINGS OF FINANCiAL MARKETS PREPETITION CREDITORS SOME OF WHICH MAY PREFER TO LIQUIDATE THEIR THAN HOLD IT ON LONGTERM BASiS ANt OTHER INVESTMENT RAThER BUT ALSO FACTORS WHICH GENERALLY INFLUENCE THE PRICES OF SECURITIES THE TRADING AND OWNERSHIP RESTRICTIONS NECESSITATED BY THE PROVISIONS OF STARK II WHiCH MAY REMAIN IN EFFECT FOR AN INDEFINITE PERIOD OF TIME THE
ESTIMATES OF TFIE REORGANIZATION CAPITAL PARTNERS REPRESENT ESTIMATED
VALUE DETERMINED
REORGANIZATION
BY CIANIN VALUES AND DO
78
A635
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 6 of 30
NOT REFLECT VALUES THAT COUU BE AUAINABLE IN THE PUBLIC OR PRIVATE MARKETS THE IMPUTED ESTIMATE OF THE RANGE OF THE REORGANIZATION CORAM ASCRIBED IN THE ANALYSIS DOES NOT EQUITY VALUE OF REORGANIZED MARKET TRADING PURPORT TO BE AN ESTIMATE OF THE POST-REORGANIZATION VALUE ANY SUCH TRADING VALUE MAY BE MATERIALLY DIFFERENT FROM THE IMPUTED ESTIMATE OF THE REORGANIZATION VALUE RANGE FOR EQUITY REORGANIZED CORAM ASSOCIATED WITH CHANIN CAPITAL PARThERS VALUATION ANALYSIS
A636
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 7 of 30
XVIII
RICOMMENDATION
set
AND CONCLUSION
Disclosure
is
For
that
all
of the reasons and
forth in
this
Statement the Debtors believe
the
Confirmation
level
consummation
to creditors
all in
of the Plan
accordance
the best
means
and
available
to
provide the
rights
greatest
of recovery
the
with
their legal
contractual the
Consequently evidence
received
Debtors urge
holders
of Allowed Claims to vote
to accept
Plan and
will
to
their acceptance
by duly completing and returning York
their ballots so that they
be
on or before
500 p.m New
Time
on September
2000
Dated August
2000
CORAM HEALTHCARE CORP
ByA/JJThMt
Name
Its Allen Executive Ivdrabito
Vice President
Name
Its
Allen President
bito
Counsel
PACI-IULSKJ
STANG ZIEHL
JONES P.C
YOUNG
Laura Davis 919
Jones Street Suite
North Market
1600
Wilmington
Delaware
19801
302652-4100
-and KASOWITZ BENSON FRIEDMAN LLP
David Friedman
Shiff
TORRES
Adam
Robert 1301
Novick
of the
Avenue
Americas 10019
New YorkNew York
212
506-1700
CO-COUNSEL
TO DEBTORS
AND
DEBTORS-IN-POSSESSION
A637
Case 1:04-cv-01565-SLR
a--ooe
Document 125-4
Filed 04/17/2007
Page 8 of 30
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A638
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 9 of 30
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Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 10 of 30
UG3-2@O
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LTHE
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through
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c0RAMINC
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--------
M1MDUM
or
04
SUPPOJT
EolJIry
cunrpns
InITSducLioI
OP MOTION
FOR A1QiNIMEtff COMMlrrEl
The
shreholdexs
of Dthtor
Corm
Healthcare
Curpoition
Coram
in
or
Tobor
their
Movnnts
Appnnfrnent
by
their
attomey
hereby
submit
ibis
memorandum
support
of
Motion
for
ofEquity
Security
Holders
Commirec
in
the
uboVe
captioned
cuses
In
.um
the
grounds
for
the
motion
2rt
1he
proposed
Plan of Reor
nition would
wipe
out
existing
OuiW
of
Thr
its
nnly
relief
sought
in
ti
by Corum
rsIiini
Ihnt
in
lee
prnr.caiings
is all
restructuring exieting
balance
thee
will
cxiingulsh
equity
intcsettsnICoramspubllcahjnelolders
.1
whilciltransfcinng
the
substruniully
alt
of
that
equiy
to
NIr.holdcr
Group Delnore
subonlinsted
unrccure4
1chIhoIders
Comm
Is
ifom
hopelesrIy
insolvcnt
The
tnd9oldnuui
Noteholder Ssckt
Group
consists
of Cerebra
Partners
L.P
Itoothill
Capital
Copration
Crcdit
Ptirthers
L.P
jSP 01961
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On
with
the the
contrary
public
statementS
and of
quarterly aub.stanlial
nandal equity
call to
ctatcmenta
filed these
8C
is
indicate
the likelihood
the
On
the day this
proceedings
were
flied
CEO
arc
told
conference portioned
awliencc
company
things2
dynantite
Wc
perfectly
do
really
big
exciting
Moreover
that the
even
the inveatment value
banker
ratuined
by
the
Debtor
estimates
reorganization banker
k82%
of the
amount
of the debt
Given
to
that
the investment the proposed
solely
was
retained
specifically
by
its
the Dcbtor
defend
Plan of Reorganiastion
financial that
based end
estimated ruppi
led
valuation
on
the
inmation
infonnation
for
projections and and
different
by
the Debtor
its
without only
testing
accuracy
provided
ii
estimate
that
with
numerous expert
hedges
will
qualifications to far
caveats estimate
is
likely
an
.lndependeziL
come
of value
Tho
vithiatlon
of
the
Debtor
effort reflects
ha
to sell
never the
it
been
tested
in the market
Free
place
site
The
Debtor
that thc
has
med
sitares
no
enterprise
dcbt public
To
extent
to-
stoak
titat
market
value do
in
shows
have
that
the
ecuttinucs
believe
oflcbtor
fact
scene
value
Coranis Board
Is
conflicted
and
hicapahic
of acting
fbr the sharcholdenc
Dan
Crowloy Cotams
to if
Chairiian one of
the
and
thrse
CEO
currently
receives
fees
as
consultant
In
Cerebi.s
members
ofthc.Notchnlder
will
Group
addition
thoproposedplan on
is
adopted
Crwlcy
1.8
received
will be.enntc
icatruciurhig entitled to
bonus
confinnation homtaec
of$
millIon
and
pedormancc
ofmany
millions
oldollara
Until
very
recently
also
rcprcacUtativo
of the NuLdiulder
Group
Mr
on
$tcphen
in
Fcinhcrg order
Boss-ti to
crved
the
on
the
Board
of
While of
to
Mr
lcinberg he
resigned
mInimize
the
appearance
in
conflict
interest
was
the
during
period being
which
according
the
Dehtoia
and
own
records
negotiations
were
held between
Dcbror
she Noteholder
Group
The
proposed
prior
plan
to thc
winch
Petition
extinguishes Date
in
all
existing
equity
urteiesta
Was
and
dcvised
negotiations
tctwecn-Crowlcy
Tranacript
of Augilet 1.2000
conference
mIt
at
pg
attached
hereto
an
flthibit
J8P01962
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rncmber3
of
the
Notehold
were
Group.3
The
cli3Iing
equity from
all
holdeti
dephe
numOU8
eonccxning
requests
systcinatioolly
excluded
discns.cioiu
rcatnicturjn
Movonrc
cubmit
that
Uie-e
fscLc
denonMrntC
thet
the
ppoitinenl
ofin
cquity
committee
is
nutonly
appropriate
but
noceuay
to
proled
tc
rcel
rights
andintereets
of
all
of
lhc
nearly
5000
Conun
ren1icr
of record
both
thu appinxiinatcly
280/u
in
Interest
ret
forth
ce
hcdulc
cueched
to
the
Mot
inn and
the
12%
In
Isueresi
wiw
are
not
currcntly
represented
Movants
oilghiolly
made
requc5l
fr tc
appointment
of such
comujittec
to
the
united
Stews
Tniseee
on
August
the
day
after
these prncccdinga
were
filed
Thu
Truateelsas
not Actcd
on
this
reqiicnt
August
28 2000
but
cnowledgcd
the Trustees
undersIandin
that
Movants
may
need
to
procce4
Movant9
xsk
that
this
Court
nonetheless
recognize
that
under
the ctrcUrnstancBS
here
the
costs
of such
oiu
the
ttcc
arc incoosequential
to
this
entesprise
particularly
in
vicw
of the
draconian
relief
entire
elimination of
all
of
the
publicly held
wuity
sought
by Debtor
Movanta
also
urge
this
Court
to
rule
cpedItioiily
on
this
motion
thee
the Debtor
has
stated
that
the Plan
musthc
confinned
no
later
than
December
31 2101
Inlii
iii
Bacronnd
and
the Plan
The
Debtor
Corriin
Is
publicly
Ir.u1
corporation
with
4150
record
shareholders
Cream
and
Foani
Ill
IC
filed
March
30 2000
olCorem
18
On
Movants
lwkl
pproximatcly
28f
of
the
Isrijed
ouLUuidiiig
e0uuu011
.ctnck
August
82000
Cunw
and
its
uihsidiary
Cream Inc
filed
J0-Q
Iik4
August
21 2000
18
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1407
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MER
6RstY.aH
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312
715
4800
016
pctitione
for
relief
under
Chepter
11
of
the
Jolted
Statce
JJunkniptcy
Code Petition
or
Petitions
Conowrent
with
the
filing
of
their
Clapter
II
PetItions
the
Debtors
gubmiu-ed
prupoc-s1
plan
uf
reorganimtion
the
Plan
All
The
proposed
Plan
would
cuicel
jhc
equity
Interoete
of
the
oxicling
Curam
shareholders
of the equity
in
the reorganized
Debtor
eccpt
holden
fr
cquity
intorecla
to
be
hautd
In
company who
man3ternent
will
be
isnicd
to
the
three
of existing
notes
the
Noteholder
Group
will
be
converting
portion of the debt
appruibziiitely
28%
into the equity
othe
reorgaidzeit
Debtor
Jnder
the
Pht
the
reniaindcr
of the
exicting debt
upprucbmlcty
80
million
owed
to
thc
Noteholder
Group
wiil
be thincd
as debt
of the
eorgszuied
DbIor
and
will
be
gusrantei
hythe Dcbtors
subIdiaxiee
and
securc
by
all
the
aceets
of
the
urajiir.ed Debtor
and
its
aubaIdiaric.1
IL Pre Petition
Evanta
1hc
Dbbtors
assert
that
the
proposed
plan
is
the
product
of
many
hours
othard
work
end
neotiations
Letter
coached
to Diaelosure
Statement
Docket
No
3.5
Whatever
thc
truth
of
thai staterntut
there
were
hi
fact
no
negotiations
or diacussions
whatsoevcr.with
the sha-chgldcrs
or
their
eprear
tativcs
regarding
Corams
capital
reatructuring
prior
to
filing
of thePatition
Thia
lack
of
Interface
with
the
shareholdere
way
not
due
10
any
Iadt
of
interest
on
the
part
1r
the shareholders
After
Curarns
prior
hIC
filings
disclosed
in
May
of
this
year
that
the
Thc
Debtor which opcrationnl
ca.pita.l
bualnoes did
not
opr4tioru
file
of
the
Debtor
ore
perfonned
by opcntting
.cuhaidiaric
will
of the
henkmuptcy of
the
petItIons
Thus
Ihe
involve
bankmptcy
a-
cues
not
the
involy
any
restructuring
Debtor
and Will only
rcoxJanistku
of
Dcbtors
stnnturr.
JSP01964
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THE
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Debwra
contemplated
flij of
fiuiancial
rcatructujijig
in
which
existing
common
stock
inteetx
would
be
diluted
but
nalt.her
deecribed
the
cpecilics
of such
restnlcturiu8
nor indicated
that
the
existing
shardio1dcr
equity
interests
woid
be
exlingiiishci
rather
than
merely
ditnieti
Coram
herein
Ilcaitheare
Piaw
Relezc
dated
May 10.2000
Ihc hoard
certain
cIthc
shareholder
Moyant.s
sought
to
mcd
with
management
uid
of Dbectora
otCoram
lo
discuss
any
contcmplated
liiasxiat rcstnicturing
Howavr
ncithr
management
nor
the
Board
was
willing
to
nwet
with
thc
hartho1ders
or
their
rapreeentatives
or
cv
to
discuas
rcstiueiwing
issues
prior
to
the
filing
of
the
Petition
The
sharcholdcr
of
Coram
ftnt learned
that
Coram
contemplated
using
the
bnkruptcy
process
to
csnc.l
all
cxintlng
equity
interests
when Debtor
flied
their
bankzujtcy
Pctitiona
on
August
2000
and
their
proposed
Plan
III
The
Impruving
liThanelal
Condition
of
thsXebtor
The
bankruptcypetitlone
were
uniy
filed
alter
there
was
significant
opcrational
chan.gc
in
Debtors
business
which
resulted
in
dramatic
improvements
in
the
Debtors
flnancial.pcrfonuanee
On August
describcd
2000
theeo
the
Petition
Detc
Mr
the
Daniel
Cwwley
Corams
chief
executive
officer
oper4tiunal
changes
and
resulting
significant
iniprnvement
in
Debtors
financial
performance
in
confercoce
call
Mr
to
Crowley
reported
that
Corams
free
cash
impruvcl
li-om
negative
amount
in
1999
$10
million
for
the
first
quarter
of
2000
to
$35
million
for
the
next
four
months
of
2000
Mr
big
Crowley
concluded
that
this
company
is
dynamite
We
are
perfectly
posiIioued
to
do
really
exciting
things
transcription
oIMr Crowleys
remorka
is
attached
hei
eto
as
l3hihit
JSP 01965
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tUG30--200
1407
-.THEIMER
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P.09/16
IV Ma
acmenVs aosmeot
Cunifictinginfareati
In
ft Mr
Group
Cruwlcys
uphcat
of
the
Compuy
ic likely
to
bc ahnred
by
the
Nnttholder
clnce
tIm
Notcholdcr
Group
placed
Mr
Cruwleyas
C130
oF Coriun
based
uu
pct
workout
work
he
had
dune
for
them
with
another
health
care
coinpwy
md
Mr
consultant
Crowley
is
prc.acntly
heinZ
paid
by one
of
the
mcnIhCTs
of
the
Noteholder
Group
Discloeure
Sttewent
Docket
No 35
rcepeot
ot
pp 44-45
to his
Although
theac
payments
are
said
to
be
made
to
Mr
no
Crowky
ok1y
that
with
senk
it
in
cuuiicctinn
with
othcr
tronsuctlonn
them
is
question
these paysicnts
mkc
hnposaible
for
him
to
be
considered
independent
of the Nntcholdcr
Group
end
free
to
werthc
hLc
Mucieiy
duties
on
behalf
of
the
shartholdcrs
of
Conun
In
addition
under
tho
Plan
Mr
Crowley
it
scheduled
to
rccclve
an
$1.8
million payment
upon
conflrmlion
as
reatTuctuz1ng
bonue
Plainly
Mr
Crowlcy
has
evoty
incentive
to
promote
the
Piwa
even
at
the
expense
uedeting
equity
Mr
during the
Crowley
is not
tlu
only
member
of Cornnts
hoard
with
ties
to
the
Noteholdc
Group
critical
period
Mr
Stephen
Pcinhcvg
affiliated
with
one
of
the
meinbcrs
Mthe
NotcboWcr
iroup
was
director
of Cor.un
will
16 days
prior
to
Ilto
fihing
of the Petition
iii
this
case
lie iesigncd
hecanac
of
conflict
of
interest
ewicems
C.cwsm
Hcnlthnnro
Piece
Icease
dated
July
24 2000
Inwcvcr
given
the
fact
that
De.btui
ilaci
1acknowkdgca
that
the Plan
was
Worked
out over
period
of
many
months
prior
to
the
filing
of
lie
Petition
plainly
much
of these
discussions
happened
on
Mr
Pciabci-gs
watch
jpO96B
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u328
14
ThE1MER
YHICflGO
312
715
4Og
116
Timely AppltcaUon
to
the United
Stea Tnutsc
almost tha
Counsel
for
movant
ooniaCted
the
united
StateS
Trustee
immediatcly
day
altcr
the
Petition
and
rc4ucted
appointment
ofn
equity
security
holders
comniltcc
pulsIant
to
Section
102a1
of euch
of
the
Banicnsptcy
Code
Howevez
the
Debtor
objected
to
the
appointment
committee
isrgely
on
the
grounds
that
somc
of
the
Movanta
are high
net
woith
individuals
and
thus
all
ofIhethousand
otCoram
shareholders
rich
and
poor alike
should
Vs
depiivcd
of represent1ion
in
thec
proceedings
The
Juiteal
Staic
Tmstee
for
whatevericason
declined
to
appoint
an equity
committeo
ii This
matter
and
thus
Movants
hinught
this
motion
Tli
motion
is
made
under
pursuant
to
Section
I0a2
of
lie
Bankruptcy
Code whkh If
authorizes
the
cowl
to
order
the
appolninient
nf
cominhtee
of equity
security
hntdcr
ncceesaxy
to
assure adequate
rcpresentation.
of equity accwity
holders
Generally
whether
committee
is
required
to
assure such
adequaie
representation
is
detcrmincd
by reference
to
the
criteria
Set
forth
In
In
is Solute
Mjrnvillc
Cons.
68
B.R
and
155
159
S.D N.Y
the
986
the
number
of shareholders
the
complexity
of the caac
whether
ost
ofthe
additional
committee
signiIcantIy
outweighs
the
concern
for adequate
representatiozi
In
re
Itdispn
Brothers
Stores
Inc.
No
Civ
No
96-l77-SLR
1996
WL
534S53
at
Dci
Sept
17
1996
re
end
WanR
bortnriesjnc
99 E.R 12 Banir
Attached of she United
at
iscreto
as xhibits on AtIgust itanl
are antI
copies
of the
initial
letter cent
sent
to
the
office
States
TnIcc
ofThe
92000
Slates
etipiilcmcntal
lcttr
on
Auuat
14
2000
the
roquest
Tijiitcd
TrOstee
JSP 01967
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UG-3g2g
14
GRAY-CHICflGO
312
715
48
11lS
Mii
1992
In
thii
tcc
each
of thece
ciiteiia
militate
in
favor
of
eshibii.ching
an
equity
xmmit1cC
Coram
held
11a5
Thoiiiunds
of Public
Shrelt older
Corrn
is
publicly
and
publicly tradcd
company
with
approximately
4980
reBilered
ahuho1ders
In
fal
the
actual
number
of shareholders
is
almost
cei-taiiily
ir
grvawr
that
this
number
because
iiiany
of
the
registered
sh
nldcs
arc
auaet
namc
tht
hod
thc
shares
for
many
others
tinder
cstblibcd
bwkruptcy
law
the
fact
that
the
shares of
the
debtor
arc widely
hcld
and
publicly
traded
Ia
significant
taeor
calling
for
the appointment
tit
an equity
committee
Into
WanLabu
njn
Ihe
1493.R
a13
where
IjckerJusjsr
Corr.
55
hR
245
949
980Benkr.S.D.N.Y
I985L.Kng.Qlluoc
by
commentators
the
11102.03
at
1102_22l5thEd
1984
fbi
As
recognized
share
of the debtor
era widely
held
it
is
cusi-cIlbCtiYO
for
individual
eharcholdesa
to
hire
profeisionals
topardoipate
In
the
ease
Further
beiaua
individual
shareholders
do
not
owe
duty
to
other
sharthoiders
the
only
wy
is to
to
ensure
that
the
Rherchoider
body
us
whole
recciVcB
flleaflhIgfUl
representation
in
the case
appoint
an
equity
commIttee
to
represent
their
ijileccata
Coleman
Wuudrnff
L.nnking
Outfor
hareho1ders
The
RiIe
of the
EgtlhLCommitke
in
Chantcr
11
Rounjz1on
CafJ.re
uhiiclldCompis
Indeed
appoinnnenl
iR
Am
Bankr
295 297
298
1994
not
of an equity
committee
is
appropriate
mcre1
to
protect
this
particubir
group
of shareholders
but
as
Congress
has recognized
in
onler
to
aasuxo
public
investors
gencrally
that
their
inteests
will
be protctcd
in
the
event
obanicruptcy
Such
JSP 01968
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149
FLTHEIER
GRrn-CHIC1sO
312
715
48
P.12/16
ass
Lrar.co
should
not
be
loft
to
plan
negoliakd
by
dcbtr
in
distress
and
senior
or
institutional
debtora
who
w1l
have
thcir
own
interart
to
kok
after
Rep No 989
The
95
II
Cong 2d
Rcpoii
Sess.l0
1978
atatcsin
reprinted
in
197111
1i Code
end
Cong News 5787 5796
Scnato
further
language
preriiglng
this
veay
casc
that.Chapter
II
procecdjps
ue
derigned
to
counteract
the
natural
tendency
of
debtor
in
dirtiest
to
pacif
large
crediton
with
whom
the
dbtur would
expect
to
do business
at
the
expense
ofsmail
ahd
scattered
public
investors
II
The
Case
Feetnally
aizd
Legally
Compkx
of eristing
Although
the
result
sought
by
Dcbtor
the
complete
elimination
equity
is
dracnnianlimple
the
actual
end
legal
arguments
surrounding
th
Plan are
in
fact
quite
cwiiplea
militating
in favor
of
the
appointment
of an cqnity
committee
Tliee
arc
at
trait
thrcc
oomptox
iuee
that
the
Cuert
will
bc
called
upon
to
address
In
these
proceedinga
thc valuation
of
the
value
of
the
enterprise
and
hence
tho
rclalivc
aharc
of
that
enterprise
to
be
asyined
to
theNotcholdcr
Group
and
exIsting
equity
1nmholdrsa
whcThcr
or
not
as Debtor
claims
government
hcJth
care
rcgitlations
mandate
zeorgwiization
of
the
.flchtnr
prior
to
Dccember
31 2000
the fact
and
whrlbcr
the
conflicting
interests
ofthe
officers
and
directors
of
Coram
such
as
that
the
CEO
end
Chairman
is
paid
consultant
ibr
one
of the
members
of the Notcholdcr
Group
flecosSitute
the
appointment
of
tnatcc
in
bankruptcy
Movants
submit
that
these
issnei
cannot
be
adequately
resolved
without
iupet
from
the
shareholders
and
that
such
input
is
beet received
from
an
officj1 committee
established
for
all
of
the
harcholders
JSP 01969
A648
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 19 of 30
2000
14
THEIER
Y_
In
CflGO
312
715
4800
13/16
IlL
The
CoaLi
of
An qu1ty
Connntttte
Arc Outieghcil
By The Need
for Shu-eho1t1er
lartlctpntlon
Their Jrntccdlnge
Thia
000n
is
of courac
charged
with
bsandiig
thc intcrci
of
the
Dttor
cstat
to
miin.e
thc
oost
of
ilr
bnkcuplcy
proceedings
with
thc
inicreaLs
of
he
haxebvlders
to
bc
treated
fairly
In
cvaiunting
whether
the-
coSt
of
the
comxnitk
s%nifioantly outweigiw
the
conccrn
for
adequate
z-cprcs-enation
there
are
sevexal
Factors
considered
including
thc
tollowing
IlLe
Nature
of
tic
Debtor
PropoedRorgeni74ion
These
Chapter
catcs
do
not
irivolvo
an operational
reorgamzation
of
the
Debtors
but only
finoncial
reatrucniring
Where
as
here
the debtor
has
baikally
sound
business
anti
eeka
bankniptoy
relief
b-ecausc
of excessive
indebtediicss
thc case
usually invoive
question
of
who
gets what
undcr
the
ecorgirnization
and
equity
aetnu-ity
hnldcra
deserve
committee
to
rcprcsont
their
iutercats
Under
such
circuanslances
tppoinbocnr
of
committee
is
approptiato
to prrnect
the
1iarcholdcm
King
JJjon8an.ruptcy
intcrcats
1102.03
at
1102.23
If he
rcorganizution
will
iiivolvc
.suca
that
pit
the
of
creditors
against
the
intcrcsi
of stockholders
it
would
be
appropriate
for
the
Unitcd
SMc
holdeit
tnistcc
to
appoint
eoiumiltee
rifc4uily
security
holders
In
rcprcacnl
the
intereats
of equity
in
the
casc.
Cununiticts Ccrlnin case law lflcatts
Timine1thILciforThc
motion
for
that
the
timing
of
the
appointment
of an equity
cononhiecis
arclovant
factor
and
appointment
of an
equity
committee
may
dsiiii whcrc
thcro
Is
an unexplained
delay
in
the
motion
for
appointment
ThjJjyjorofllmjne.
195
DR
the
600
Bankr
Dr.1
l9Th
In
this
case
at
leaxt
some
ofh
moving
shareholdeir
conIaelei
tinitcd
Stntec
Tiutee
iinmcliatcly
upon
the
filing
of th0
bankniply
petition
Any
delay
i0
filing
this
motion
is
due
entirely
to
attempts
to
persuade
the
10
JSP 01970
A649
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 20 of 30
flU320O0
1410
ThE1R
GRYCH1C
312715
4800
P.14/16
Troctee
to
makc
such
an
appointment
This
motion
ie
being
flkd
within
days
of the
denial
of
that request
Uuder
no ciicumSti.nccs
ait
it
he
Mid
tb3t
the
Movsnts
havc
bccn
dilatory
nor
will
thoy
seek
to
delay
these
proceedings
thould
cornnrittee
be appointed
Courts
will
alco consider
whether
the
irrt
reels
of the equity
reowity
holders
are
heing
adequately
reprc.centcd
by
the
others
participating
case
See
hi
i-c
Pd
nnjJj
c.Qrgjflc
1996
WL
534833
at
4_5
finding
that
there
were
no
facts
suggesting
thir
the
inside
rhareholder
holding
35%
of
of
the
equity
interests
wcre
riot
aligned
with
thc non-inBider
sbarhoIdcr
eoeklng
appoiiitmcnt
tin
equity
coinmiUce
Hero
there
are
no
parties aligned
with
the
cxiating equity
Tue management
and
board
of
Coram
which
have
significant
ties
to
the
Notcholdcr
Group
have
pruposerl
wiping
out
all
of
the
existing
cuity
in
exehango
fl-ira
partial
recapitillzation
of
the
1oteho1der
Debt
into
all
of
the
equity
This
deal
wna
reaehed
prior
to
thc
filing
of the Cbsptcr
Icthionn
as
result
of negotiations
between
thc
Debtor
nd
watching
Ire
Noteholders
Obviouxly
neither
management
nut
the
Notcholder
Group
is at
thi5
point
out
for the
interests
of the slrazcholdcrs
3Thher
the
Debtor
ja
Honelosaly
lncojgp.
While
tho solvency
of
the
debtor
is
feotor
that
some
courts
contiderin
the
appointment
of an
equity
committee
it
should
not
be
the only
factor
or.evcn
the
principal
factor
in
deciding
the
scrje
King
jnfljri.Bankruptiy
11102.03
at
1102-22
1102-23
se
alntln
re
WhJjfotor
Credit
Corn
27
Bit 554
357
N.D
Ohici
1982
holding
Ilankruptcy
Court
dd
trot
err
in
excluding
evldenecoIdcblors
insohencyin
hearing
motion
to
appoint
equity
committee
Erirly
in
ho
caso
the
proponents
of
an
equity
con-irnitlce
Will
lack
the
inlbrmation
and
resources
to
present
an
analysis
of
the
debtors
solvency
or insolvency
Coteniuu
Wnodniif
ara
at
298
and
the
Cowl
is
not
in
tood
pwition
In
11
JSP 01971
A650
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 21 of 30
3-2O
make
14ig
YHICGO
312
715
48O
P.15/16
sicinitive
detenniliation
-Hence
the
app1icbir
nilc
would
only jutj1j
precluding
appointment
an cquhy
conunittec
where
the
evidence
thliahca
thet
the
debtor
is
hnpc1eGIy
IntolveuL
149
BR
213
In
this
ease
Debtor
has procured
thc highly hedged
and
quailicd
opinion
of au investment
banker
that
the
reorgnizatiofl
value
of
Coram
Ia
82%
of
the
fre amount
of the delt
owed
to
the
NMchoIderS.6
Howvcr
Determiuiog
thI3
opniofl
and
the
ondcrlying
basis
for
it
has
not been
aubjected
to
any
sc.nltiny
an
enterprise
value
is
contpIcated
matter
even
more
so
in this
case
beeausc
Dehtor
has
djarnatscully
inlpTOVcd
its Thianciai
pe
formanco
recently
Movants
believe
that
ii
is
aigni
Ii
cant
that
even
this
banker
without
any
systematic
review
or
testing
of
the
underlying
finaucial
recordS
.beieve
that
the value
of the
enterprise
is
likely
to
be
In
the range
of
82%of
the
debt
lndo.1
the
Petition
Date
statemcnI
of the
CEO
that
Cut-am
Ia
dyruonitu
company
with
growing
cash
flnw
and
lflcam1t
upai.ik
potent
jot
taken
with
thc
fact
that
the
Board
has
made
no
effort
tu
market
thc
Company
wh1c
underscore
the likelihood
that
there
may
wcfl
he
rvl
equity
Jue
Is
in
this
company
Plainly
this
Debtor
not bopeirasly
insolvent
At
minimom the
resotulion
shareholders
are
entitled
to Inveatigate
turthcr
end
present
its
case
to
this
Court
for
The
reorganization
disclaimers value
included based
with
this
opinion
acknowledge
that the
that
the stixnate or
flnancial
the
was
on mansgcrnents projections and no
projections iii
that
he
consultant aseunied the
did
not independently accuracy and
verify
riianagcments
linonoisi flu-nished
advisor
to
it
ouiplctcncs
rctnined that
of the tmancal by Debtors
the
other
information
by
Debtore were
Idflect
and sought or
by
other
timis
iv
that the
independent
valuationa value do
or
appraisisis to
or obtained tuntitute Statement
and appraisola Docket
estimator valnrc
of
rvwgnization of
actual
not purport
liquidation
or estimates
mu-kel
value
Disclosure
No
35
at
pp 17iS
12
JSP 01972
A651
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 22 of 30
L32OO
1411
ThEIR
YlCGO
Concluion
312
715
P.16/16
WjlE
appwilt an equity sedUflt deeinrjut
rind
niovants
that rciI1C5t
thIZ
Cpuzt
outer
thc
Unfted
Staw
Tru-ctce
tn
hOlkfl
r.nmiflittCC
and
for
aneh
othcr
arid
further
relief
ur
the
Court
propGT
ALT
JMER
GRAY
--
ciiaip.yxwCNO
Brandy SxgeIt
01645064
TheodoreJ.wLABDCNO.0t69l Scharlz IL ARDC NO Eenjarnn
IL AIWC
0252276
NO
06210551
ALTHRIMLR
4000
11.60606
GRAY
l0BouthWackiiDro
Suite
Chir.n C312
715.4000
phone
I27548001AX
Icvrn1thaimrxom
ATIOHNEYS
VORMOVANI
13
It4IjJ
TOTAL
P.16
js o1973
A652
Case 1:04-cv-01565-SLR
S112OO0 WR1V
Document 125-4
Filed 04/17/2007
312 115 4266
Page 23 of 30
P.02/02
FA
Em4
CTOW
LAwQWIc$
pls.4aao
31271542G
1osUmwAem
cJHCAOO.IWNCIS
ORIV
dOeO.142
ATIZ.TCThrDT
MM4T71$4coG
MGMJNF1Z7I$4CO
J4cfloffi
Septeinberll2000
Certain Investors in Cozani Distribution
lAst
Health
Care
Attached
Re
Dcarlnvestora
Coram
Heath
Care
The
shakeholders health
US
of
Thistec
today agred Care
This
as to
to
appoint
that will
Committee
fees
to
represent
the
CoramKeajth
and
means
for an investment
banker with
the
care
expert
ourselves subject
attorneys
be paid by
approval
Corm
and
reasonablvness
of the
fees
ankrnptcy
Court
no
thither
expLnaewil1heincunzdbyyou
We
wiIlshort1ybentouchwjthyouwithat
Cordially
4auG44
RichaxdF Levy Btcctronjc
Signature
RPLjad
aisCAGQ
WAMAW
PA6
KYV
BMUSLAV.A
mTAetL
Slw
TOTAL P.02
It7
LEFFOI937
DEP.EXH.If
Date3//f
A653
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 24 of 30
Don
From
Sent
Lieberitritt
Marian
Ftynn
Thursday
October
12
2000
414
PM
To
Subject
Don
Liebentritt
Coram
Importance
High
The
first
tab
has
activity
to
818/2000
and
the
second
tab
has purchases
after
Coram.xls
25 10
iEHJBfl1
DL00039
A654
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 25 of 30
Arthur
Andersen
Center
For Outsourcing
Services
TRANSACTION
Samstock
7014
SUMMARY
LL.C
99
From
01 -01
To 08-08-00
CORAMHEALTHCARECORPNEW
Trade Date
Settle
Trade Quantity
Per Share
Date
Amount
.04-22-99
04-27-99 04-27-99 04-28-99
17700 5000 4300 18600 4400 25000 38900 6100 20000 5000 5000 50000 25000 14600 15000 15000
$41.304.72 $12075.00 $10368.59 $37189.84
$2.336
$2.4150 $2.4113 $1.9994 $2.0209 $2.1025 $2.0470 $2.1025 $2.0713
04-22-99 04-23-99 04-26-99 04-27-99 05-11-99 05-12-99 05-13-99 05-14-99 05-25.99 05-26-99 10-18-99 10-19-99 10-20-99 10-21-99 10.25-99 10-26-99 10-8-99 12-03-99 12-09-99 12-10-99 12-13-99 12-21-99 12-27-99 12-28-99 12-29-99 12-30-99 03-27-00 03-28-00 03-30-00
0429-99
04-30-99 05-14-99 05.17-99 05-18-99 05-19-99 05-28-99
.06-01-99
$8891.96
$52562.50 $79628.30 $12825.25 $41426.00 $11387.50 $11762.50 $29625.00 $15875.00 $10190.80 $10762.50 $9487.50 $11850.00 $7467.00 $19.73040
$22775
$2.3525 $0.5925 $0.6350 $O.6980 $0.7175 $0.6325 $0.5925
$0.6.550
10-21-99 10-22-99 10-25-99
1026-99 l028-99
1Q-29-99 11-02-99
.12-00-99
20000
11400 24000 10000 10000
5.000 25.000
$0.8221 $0.7700 $0.7700 $0.7700 $0.7575 $0.7075 $0.6450
1214-99
12-15-99 12-16-99 12-27-99 12-30-99 12-31-99 01-03-00 01-04-00
$7700.0
$7700.00 $3850.00 $18937.50 $5306.25 $3225.00 $3537.50 $4987.50 $15808.00 $2800.00 $7280.00
7500 5000 5000 7500 30400 5600 14000 450000
$07075 $06650
$0.5200 $0.5000 $Q.5200
03-3000
03-31-00 04-04-00
$515541i1
DL0004O
A655
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 26 of 30
TRANSACTION
Samstock
7014
SUMMARY
L.L.C
From 08-09-00
To 09-29-00
CORAM HEALTHCARE
CORP
NEW
Trade Date
Settle
Trade Quantity
Per Share
Date
Amount
08-09-00 08-24-00 08-25-00 08-28-00 08-29-00 08-30-00 09-08-00 09-11-00 09-14-00 09-15-00 09-18-00 09-19-00 09-20-00 09-21-00 09-22-00 09-25-00 09-27-00 09-28-00 09-29-00
08-14-00 08-29-00 08-30-00 08-31-00 09-01-00 09-05-00 09-13-00 09-14-00 09-19-00 09-20-00 09-21-Op 09-22-00 09-25-00 09-26-00 09-27-00 09-28-00 10-02-00 10-03-00 10-04-00
450.000 400.000 82.500
$27000.00 $26000.00 $7012.50 $875.00 $10450.00 $2350.00 $4080.00 $11
.863.60
$0.0600 $0.0650 $D.0850 $0.0875 $D.0950 $0.1000 $0.0850 $O.0892 $0.0950 $0.0975 $Q.0950 $0.0950 $0.0950 $0.0950 $0.0950
$fJ.0975
10000 110000 23500 48000 133000
27.500
$2612.50
30500 20000
30.000 5.400
$2973.75
$1900.00 $2850.00 $513.00 $950.00 $950.00 $4631.25 $11332.20 $4000.00 $5985.00 $128328.80
10000 10000 47500
11100
40000 57000 16460O0
$0.1020 $0.1000 $0.1050
October
from
Conifer
on-line
info
10/2/2000 10/312000 10/42000
Before 8/8/00
10/5/2000 10/6/2000 10/9/2000
12000
$1260.00
$0.1050
16500
53500 450000 2178000
$5483.75
so.b
DL0004I
A656
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 27 of 30
Do.ri.Liebentrjtt
From
Sent
Marian.Flynn
To
Subject
Tuesday November Don tiebenirilt
14
2000
1154
AM
RE
Coram
Coram.xls
25 KB
There
has been
no
new purchases
but
the
cost
information
for
Oct
purchases
has been
added
Oiiglnal
Message
Don
Liebentrilt
From
Sent
Tuesday
Marlan
November
14
2000
1110
AM
To
Subject
Flynn
Coram
Do you have
current
spreadsheet
on our
Coram position
DL00034
A657
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 28 of 30
Arthur
Andersen Center
ForOulsourcing
Services
TRANSACTION
Samsiock
7014
SUMMARY
L.L.C
From 01-01-99
To 08-08-00
CORAMHEALTHCARECORPNEW
Trade Date
Settle
Trade Quantity
Per Share
Date
Amount
04-22-99 04-22-99 04-23-99 04-26-99 04-27-99 05-11-99 05-12-99 05-13-99 05-14-99 05-25-99 05-26-99 10-18-99 10-19-99 10-20-99 10-21-99 10-25-99 10-26-99
04-27-99 04-27-99 04-28-99 04-29-99 04-30-99 05-14-99 05-17.99 05-18-99 05-19-99 05-28-99 06-01-99 10-21-99 10-22-99 10-25-99 10-26-99
.10-28-99
17
5000 4300 18600 4400 25000
38.900
$41304.72 $12075.00 $10368.59 $37188.84 $8891.98 $52562.50 $79628.30 $12.825.25 $41426.00 $11387.50 $11762.50 $29625.00 $15875.00 $10190.80 $10762.50 $9487.50 $11850.00 $7467.00 $19730.40 $7700.00 $7700.00 $3050.00 $18937.50 $5306.25 $3225.00 $3537.50 $4987.50 $15808.00 $2800.00 $7280.00 $515541.11
$2.3336 $2.4150 $2.4113 $1.9994 $2.0209 $2.1025 $2.0470 $2.1025 $2.0713 $2.2775 $2.3525 $0.5925 $0.6350 $0.6980 $0.7175 $0.6325
6100 20000 5000 5000 50000 25000 14600 15000 15000 20000 11400 24000 10000 10000 5000 2500O 7500 5000 5000 7500 30400 5600 14000 450000
10-29-99 11-02-99 1208-99 12-14-99 12-15-99 12-16-99 12-27-99 12-30-9912-31-99 01-03-00 01
-04-00
$05925
$0.6550 $0.8221 $0.7700 $0.7700 $0.7700 $0.7575 $0.7075 $O.6450 $0.7075
1028-99
12-03-99 12-09-99 12-10-99 12-13-99 12-21-99 12-27-99 12-28-99 12-29-99 12-30-99 03-27-00 03-28-00 03-30-00
$06650
$0.5200 $0.5000 $0.5200
03-30-00 03-31-00 04-04-00
DL0003S
A658
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 29 of 30
TRANSACTION
Samstock
7014
SUMMARY
L.L.C
From 08-09-00
To 09-29-00
CORAM HEALTHCARE
CORP
NEW
Trade Date
Settle
Trade Quantity
Per Share
Date
Amount
08-09-00 08.24-00 08-25-00 08-28-00 08-29-00 08-30-00 09-08-00 09-11-00 09-14-00 09-15-00 09.18-00 09-19-00 09-20-00 09-21-00 09-22-00 09-25-00 09-27-00 09-28-00 09-29-00 10/2/2000 10/3/2000 1014/2000 10116/2000
08-14-00 08-29-00 08-30-00 08-31-00 09-01-00 09-05-00 09-13-00 09.14-00 09-19-00 09-20-00 09-21-00 09-22-00 09-25-00 09-25-00
450000
400.000
$27000.00 $26000.00 $7012.50 $875.00 $10450.00 $2350.00 $4080.00
$0.0600 $0.0650 $0.0850 10.0875 $0.0950 $0.i000 $0.0850 $0.0892 $0.0950 $0.0975 $0.0950 $0.0950 $0.0950 $0.0950 $0.0950 $0.0975 $0.1020 $0.1000 $0.1050
$0.1
82500 10000 110000
23500
48000
133.000 27.500 30.500
$11863.60
$2612.50 $2973.75 $1900.00 $2850.00 $513.00 $950.00 $950.00 $4631.25 $11332.20 $4000.00 $5985.00 $1260.00 $1732.50 $5483.75
20000 30000
5.400
10000 10000 475O0
111.100
0927-00
09-23-00 10-02-00 10-03-00 10-04-00 10/5/2000 1016/2000 10/9/2000 lU1/-IUI
40000 57000 12000 16500 53500 322000 2050000
050
$01050
$0.1025 $0.1100
$542Q00 $1222.05
$515.541.1l
Before
8/8/00
450000 2500000
$6377e.16
DL00036
A659
Case 1:04-cv-01565-SLR
Document 125-4
Filed 04/17/2007
Page 30 of 30
Don
From
Sent
Liebentritt
Oon
Liebentntt
Friday October Marian
27 2000
Paolucci
321
PM
To
Subject
Flynn Joe
RE.Coram
We
bought
322000
shares on
10/16
-Original
Message-.Marian Friday Joe Don
Flynn
From Sent
October
27
2000
305
PM
To Cc
Subject
Paolucci
Lieberitrltt
RE Comm
the
Yes see may have
attached
sheet
next
have
the
total
shares
but
not the
breakdown
on
shares
purchased
from
10/4
to
now
File
more detail Coranl.xls
week
Original Message--
From
Sent
Joe
Paoluccl
Fiiday October
27 Don
2000
210
PM
To
Subject
Madan Coram
Flynn
Liebenhritt
Have we acquired
or sold
any shares
during
August September
or
October
2000
DL00037
A660
Free Appendix - District Court of Delaware - Delaware
| File Size: | 1,121.1 kB |
| Pages: | 30 |
| Date: | April 16, 2007 |
| File Format: | |
| State: | Delaware |
| Category: | District Court of Delaware |
| Author: | unknown |
| Word Count: | 8,214 Words, 52,417 Characters |
| Page Size: | 612 x 805 pts |
| URL |
https://www.findforms.com/pdf_files/ded/8917/125-4.pdf |
| Download Appendix - District Court of Delaware ( 1,121.1 kB) |
Preview Appendix - District Court of Delaware
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