You may access your registered stockholder account (print a balance statement, sell or transfer shares or change your address) by contacting Mirant's transfer agent, Mellon Investor Services. Their secure website is https://vault.melloninvestor.com/isd/ and their toll free number is 866 463 1222. Contact your stockbroker for account specific information on your Mirant shares held in a brokerage, or street, account.
2. Where is Mirant stock trading?
Mirant re-listed on the New York Stock Exchange on January 11, 2006 under the symbol MIR. The Series A and Series B Warrants are also listed on the NYSE as MIR-WSA and MIR-WSB.
3. Where can I find historical prices for Mirant stock?
Yes, Mirant emerged from Chapter 11 on January 3, 2006.
7. What is the Plan of Reorganization?
The Plan of Reorganization is the formal plan that set forth in detail how the claims of each class of creditors and interest holders were treated. The Plan was approved by the United States Bankruptcy Court in December of 2005.
8. Where can I find the Disclosure Statement and Plan of Reorganization documents that Mirant filed with the Bankruptcy Court?
9. Has my common stock been canceled as a result of Mirant emerging from Chapter 11?
Yes, Mirant's old common stock has been canceled and former equity holders received the recovery provided to them under the Plan of Reorganization.
10. What happened to common stock holders under the Plan of Reorganization?
Under the Plan of Reorganization, current equity was canceled as of January 3, 2006 and shares of new Mirant were issued. Shareholders received a pro-rata share of 10,991,250 shares allocated by the company to former equity holders. In addition, former common stock holders received a pro-rata share of 35,294,118 warrants. Litigation rights were also assigned in the event that there are net proceeds from specified pending litigation.
11. What happened to trust preferred holders under the Plan of Reorganization?
The trust held unsecured Mirant notes, and the trust has agreed by contract that holders of those notes would receive in aggregate 10,258,500 shares of new Mirant common stock and rights to purchase 17,647,059 warrants for new Mirant common stock. The former trust preferred shares have been canceled.
12. What are the conversion rates for my old Mirant shares*?
Existing Common Conversion:
1 share "old" Mirant common received .027100875 new shares
Series A Warrant Distribution:
1 share "old" Mirant common received .087023904 Series A Warrants
*In accordance with the plan, no fractional shares were issued.
13. What are the conversion rates for my old preferred Mirant shares*?
Trust Preferred Distributions:
1 share preferred received 1.486739130 shares of new common
Series B Warrant Distributions:
1 share preferred received 2.557544783 Series B Warrants.
*In accordance with the plan, no fractional shares were issued.
14. What is a warrant?
A warrant is a security entitling the holder to buy a proportionate amount of stock on some specified future date at a specified price. Warrants are traded as securities whose price reflects the value of the underlying stock. Read the Warrant Agreement.
15. What is the strike price for the warrants being issued to the former common stock holders and when do they expire?
The strike price for these warrants (the Series A warrants) is $21.87. The warrants are exercisable for up to 5 years from the date of issuance, January 3, 2006.
16. What is the strike price for the warrants that were issued to the preferred stock holders and when do they expire?
The strike price for the warrants distributed to the trust preferred holders (Series B warrants) is $20.54 and they are exercisable for up to 5 years from the date of issue, January 3, 2006.
17. What are Escrow Shares as they relate to the old Mirant equity? I held the "old" Mirant common stock and now own "new" Mirant common stock and Series A warrants. I am also seeing a note in my account about Escrow Shares. What do they represent?
Holders of the old Mirant common stock received three distributions upon emergence from Chapter 11. They received new common stock, Series A warrants and rights to 50% of any net litigation proceeds from certain legal proceedings that have not yet been settled. The Escrow Shares essentially serve as a record of who owned old Mirant common stock and who should receive any resulting proceeds. In most cases, these shares will continue to be shown in your account until the litigation is resolved. At this time we cannot predict what the timing will be for resolution nor whether we expect there to be any proceeds. If you have further questions about Escrow Shares please contact either Mellon Investor Services (for registered holders) or your stock broker.
18. What are Escrow Shares as they relate to the old Mirant bondholders? I held the "old" Mirant bonds and now own the "new" Mirant common stock. I am also seeing a note in my account about Escrow Shares. What do they represent?
Holders of the old Mirant debt received two distributions upon emergence from Chapter 11. They received new common stock and rights to 50% of any net litigation proceeds from certain legal proceedings that have not yet been settled. The Escrow Shares for former bondholders essentially serve as a record of who owned old Mirant common stock and who should receive any resulting proceeds. In addition to serving as a tracking mechanism for the litigation rights, for the bondholders they also represent a marker in the event that there is a further distribution of new stock. Mirant continues to hold 1 million "reserved" shares in the event they are needed to settle unresolved claims. In most cases, these shares will continue to be shown in your account until both the litigation and the unresolved claims are settled. At this time we cannot predict what the timing will be for resolution of either of these items. If you have further questions about Escrow Shares please contact the indentured trustee for your bond issue.
19. What action can I take on the Escrow Shares in my account?
There is no action to be taken on the Escrow Shares; they essentially serve as a record of who owned old Mirant common stock and who should receive any resulting proceeds from pending litigation. They are not sellable, tradable or transferable.
20. I am attempting to transfer/close my brokerage account, but was told that I cannot transfer or delete my Escrow Shares. Is this true?
Yes. DTC has "frozen" the Escrow Shares, for this reason it is our understanding that they are not capable of being transferred from one account to another or deleted from an account at this time.
21. What is the cost basis allocation from my old Mirant shares (MIRKQ) to my new Mirant common stock (MIR) and my new Mirant warrants (MIRWSA)?
As noted in our Disclosure Statement, a holder's aggregate tax basis in stock or Securities received (i.e., new Mirant common stock and warrants) in exchange for a claim constituting stock Securities (i.e., old Mirant common stock) generally will equal the holder's tax basis in the stock or Securities surrendered, decreased by the amount of cash and the fair market value of any consideration other than stock or Securities received, and increased by any income or gain recognized in the transaction. The aggregate tax basis should be allocated among the individual shares of stock or Securities received under the Plan in proportion to their fair market values on the date of the exchange. The first day of trading for Mirant Common Stock and Warrants on the New York Stock Exchange was January 11, 2006. The closing price of the Common Stock on January 11 was $24.98, the closing price for the Series A Warrants was $10.91 and the closing price for the Series B Warrants was $11.00. The holding period for stock or Securities received in the exchange generally will include the holding period of the stock or Securities surrendered.
Please click here for an example of how to calculate your cost basis.
Note: Tax implications for stock holders may differ. Mirant recommends speaking with a tax advisor regarding your individual situation.
22. Can I declare a tax loss since the Plan of Reorganization has been filed?
Contact your tax advisor or your local Internal Revenue Service (IRS) office or call 1 800 829 1040 for information about how to report sales of securities on your income tax return.
23. When was Mirant spun off from Southern Company?
On April 2, 2001, Southern Company shareholders received 0.397614 shares of Mirant's old common stock for each share of Southern Company common stock held of record at the close of business on March 21, 2001.
24. What is my cost basis for old Mirant stock distributed by Southern Company?
One method of computing your cost basis for tax purposes is to use the relative fair market value of Mirant and Southern stock at the April 2, 2001 closing prices. The closing price per share for Southern Company was $21.60. The closing price per share for Mirant was $34.60. Under this method, 38.91% of your former Southern Company cost basis would be allocated to the Mirant shares received in the distribution and the remaining 61.09% would be allocated to your Southern Company shares. There are other methods of computing cost basis and you should consult a tax advisor as to your particular tax situation.
25. If I have questions that are not answered on this website, whom can I contact?
You may call Mirant's Shareholder Services line at 678 579 7777.
26. If I have a concern about an accounting or financial issue, whom can I contact?
You may contact the Compliance and Ethics Help Line at 1 800 427 7240.
Do you have another question that hasn't been answered?
Please submit your question using the form below. Fields marked with an * are required.
show all
hide all