To Jack Burns (and Milk Duds): Thanks for responding. "Financial arsonists"; wow, that says it all. Unfortunately, Judge Walrath won't be buying any of it as she's taken it upon herself, long ago, to protect JPM and hence, the U.S. banking system. But I do (and wholeheartedly) agree with you that JPM, and even the FDIC, won't lose any sleep whatsoever regarding their not having obtained the releases. Indeed, that paltry $25M that was supposed to be allocated to a litigation fund pursuant to PORv7 no doubt resulted in derisive laughter over at JPM, whose presently sitting on a litigation reserve that exceeds $4B, and can look to the FDIC for further indemnification should the need arise.
For me, the bottom-line is PJ Solomon, and what he's holding. Hero or Zero, it really is all coming down to him and what he's done to earn his million dollars. Rosen's seen his numbers. If the disparity between Solomon's and Rosen's is, to any extent, so breathtaking as to immediately suggest the perpetration of BK fraud (i.e., the hiding of assets, and lots of them, in a nefariously orchestrated manner)then we are never going to even approach the day of reckoning that a confirmation/valuation hearing would bring. In this regard, I found it extremely interesting that the EC managed to garner a place at the negotiating table contemporaneous to Rosen's being shown Solomon's numbers. Had they simply mirrored those of Rosen's I seriously doubt that the last minute flurry of creative negotiations would have taken place. Rosen executed a full 180 degree turn-about that was simply not in his nature. Even his in-court demeanor has changed from combativeness to conciliatory. Real numbers did that to him ... not amorphous allegations of insider trading that might, in some tortuous manner, unleash contagion that will work its way up to JPM and the FDIC. No, not with the Honorable Mary J. Walrath presiding. That's simply a bridge too far for me.
Finally, because of the fact that SG's forthcoming objection must include, not only allegations of IT, but (more importantly) the valuation of NewCo, I predict that a settlement will take place prior to that date, and that we will not see an actual filing of that document (although a copy will certainly be shown to Rosen in a last-ditch attempt to coerce a settlement out of him).
Be very well gentlemen.
