I have been saying all along that if
THJMW did not let Nate ramble on for
7 minutes and present his evidence as a
shareholder, equity would have been
extinguished per the POR. She viewed
the "sealed docs" and then let them
be "sealed into eternity" and rejected the
debtors pleas for POR approval.
She appointed an Examiner on the request of the
EC and muttered 10Billion from the bench.
Examiner findings hurt our chances of recovery,
but Nate sealed the deal with his evidence.
Someday, I want to shake that man's hand, because
his work and presentation "saved equity."
EC was given the evidence they needed to go after the
SNH's for IT and push the envelope into a settlement, THJMW
ordered them into mediation to settle the matter. We all knew
it would be, or she would not be so lenient towards the EC in the
prosecution of their case. Even if they did get a ruling in the
EC favor, it does not mean the case would be done. SNH's were
threatening appeal to the next level and so on. Therefore, pushing
out the BK well into 2016. The way the SCOTUS works,
they may just be preparing to review the appeal or
denying it on the grounds of a lower court ruling,
which may have not been in our favor.
Remember the "burn rate" was 40M a Month, the estate could not continue at that pace. Of course many of us had solutions to this, but Rosen was crying from the podium that she had to do something about this or the Senior Creditors would take everything that was left and Preferreds (TPS) and Equity would all be left with nothing as the burn rate consumed the bank account. Was he right? I do not know, but I know THJMW did not like that "burn rate."
Remember Equity Shareholders are "investors" and investors know they could "win or lose." When the deck is stacked against you, it is better to walk away from the table with something, than nothing. EC walked away with what it could get from the SNH's without the trial. Also, Civil Courts can not bring Criminal Prosecutions, BK court is a Civil Court. That would be left up to the DOJ.
I believe she has the status of THJMW (The Honorable Judge Mary Walrath), she allowed us to be saved.. In mediation, both parties work out an amicable settlement and no one wins or loses. Judges make decisions everyday that affect the lives of many, either way someone is going to lose.
I don't believe we lost!
Cheers
Blue
