The Objection to the EC is a JOKE!
After reading the entire filing, how could anyone think Weil et al put forth a lucid, coherent, honest objection to the organization of the Equity Committee?
The entire filing consists primarily of:
-The Debtors believe commons will get nothing.
-The Debtors are fulfilling their fiduciary responsibility to the common equity holder.
-The Debtors still believe the commons will get nothing.
-The Debtors are looking out for the interests of equity.
-The Debtors have spent 16 months on the case, and equity doesn't have enough time to catch up on the case.
-The Debtors believe equity has enough resources to catch up on the case.
-The Debtors do not want equity to receive realistic monies for their own representation.
-The Debtors believe that the learning curve and cost will be too costly for equity representation to catch up on 16 months of litigation.
-The Debtors submit that a cap of $250000 is adequate for equity representation, and "is more than adequate to ensure that the Equity Committee has sufficient resources to participate fully in these Chapter 11 cases."
-The Debtors do not believe equity needs representation since they will be "out of the money".
-The Debtors believe the equity committee should be disbanded because....they are currently being "adequately represented".
-The Debtors believe that imposing the cost of an equity committee on the Debtors "would be tantamount to requiring the Debtors to finance their own extortion."
This motion by Weil et al is not at all consistent with their prior motions, which have been skillfully crafted and well thought out.
This motion can only be a "joke".
