Breitburn Energy Partners LP fka BBEPQ

[floatingt]

There's no doubt about the Judge's starting position i.e. given his "show proof why EC shouldn't be formed" wording. It's why sussing out the specific objectives of the EC are important. If the EC pushes for a complete sale then that seems to have the highest probability of succeeding since it more closely aligns with UC. In that case, you'd have the EC and UC presenting the same plan to the judge who will likely approve it. If the EC wants to extend exclusivity, reorg business, and emerge from BK with company equity that might start paying distributions again X number of months/years down the road then they'd have to really make a compelling case.

I would definitely prefer the former scenario over the latter since that would seem to the fairest way to serve most of everyone's self-interest.