Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
actually, I talked to Ed Sargent for the timing issue. I did speak w Art but only to profess my love :)
Keeping a straight face through some of the arguments yesterday was down right impossible...and not necessarily at the times they wanted a laugh...the arrogance and the complicity is astonishing.
To everyone, we had a great contingent in court yesterday, and some have already weighed in here...it was terrific to see so many faces at the hearing. As always, if I help out by being there, you're welcome.
To DanBB, thanks again for all you have done and continue to do!
Ilene
yeah...he is well aware of my intense dislike and distrust of him :)
Charlien,
I did and of course, you're right!!
I know lots have commented on the ethical walls, and in the interest of time I'll just respond here...
the other thing that was great yesterday (sarcasm) was when one of the SNH's commented that "that was the business environment at the time", Say what? Oh, so you broke the laws because everyone else was doing it? As my grandmother would've said, oy!
They'd better move quickly!!
Gotta run...be back soon
In the EC's motion to pursue, they named only two of the four SNH and she was 1) looking for clarification and 2) allowing the EC to reserve the right to go after all four, which they had not mentioned. I think it was a positive that she brought this up.
I think that's exactly where this lies. I overheard a conversation a hearing or two ago about "they just need to do the right thing" or some such. No context to the comment, but I think JPM is the one digging in here and while I generally stay away from wishing ill to anyone (a corporation is a person!!) in this case, I'll make an exception :)
I look forward to your recap! Great to see you again...thanks for the hug :)
I believe so. Way too many unanswered questions raised. After all this time, it seems we are further apart...
Well then, I will retract my claws a bit :)
I am trying to do too many things at once...
ah, its ok...I have a thick skin :)
besides, we all know that his strength is to process the legal arguments whereas mine is to give the flavor of the courtroom...
yes, and her (and everyone's) incredulity when Eckstein (I think) said it was both difficult and expensive to maintain a wall...
they were presenting material that had not been presented before...as the debtors, etc did...a comparison to the way both sides approached the time to give oral reports
and I gave our guys kudos for being serious...
maybe you should go back and re-read?
Wish I had a better feel for being able to walk out an announce a settlement...that is still how I would love to see this end (of course...) but yesterday was not the day :(
OK, here are a few of my observations of yesterday (and I know I'm not Catz...)
The couple of big things that struck me yesterday were the strict timekeeper side of JMW in the early part of the day with Debtor, et al, arguing for the POR. Her reminders as to how much time they had left were telling, and each of them on the pro side essentially recapped their written arguments, exactly what she implored them not to do! Her questions, peppered throughout, were good indications of the questions she had while reading the written arguments and the direction of her thinking, IMHO. She threw out court opinions that go to the heart of the case, again IMHO, so we got some early indications of where her head is.
The comments regarding WMMRC, made by BR, were ridiculous...that any growth of the company was not within their purview to forecast or even take into consideration...that the new board would have to do that...when so much of their financial analysis has been wrapped up in how there is no value there. Quite the reversal in position. Similarly, the lack of attention, as pointed out by Art, to potential litigation and dollars from those suits, clearly shows to the court a lack of good faith in trying to maximize value past creditors on the waterfall.
In the latter part of the day, by contrast, attorneys were allowed to present almost without restriction...they were presenting new material, challenging her to think and she took them up on that by allowing unlimited time. All of the attorneys on the anti POR side had well crafted arguments and even though there were laughs, the attorneys were appropriately serious, vs the morning where each new attorney tried to out comedian the other, making them all look silly. BR's house of cards was beneath him, JPMC's hired gun's comments fell flat and the references to the carney atmosphere were exceedingly unprofessional...meant for media consumption.
Most impressive in the afternoon, to me, was the tying together for the court the various comments by the SNH's as they plead lack of knowledge as evidenced by their "bad" trading decisions...the fact that as they knew discussions were occurring, and more money would be flowing they sold higher waterfall positions to buy lower, cheaper positions that would ultimately return more once the plan was confirmed.
What will she do with the information? IMO, IT will move forward by the EC. I don't think the plan survives, it will go to DC for adjudication. JPM and FDIC have had recent rulings go against them or unflattering information (such as the excessive $$ JMP received from the gov) come to light and their arguments yesterday were an attempt to whitewash the facts trying to get JMW to quickly make a decision before the train runs over them.
Time frame for a decision I am guessing (with help from Ed Sargent) might be 2-3 weeks...but that is not close to the end, unfortunately.
All, as always, in my opinion!
Ilene
I haven't, will put up a few thoughts later today. We didn't get out of court, as you know, until after 7PM. After dinner I was just too tired to be cogent.
Ilene
I like what I know about this company, but don't know enough yet. Out all day today...so more dd and watching the price action tomorrow. May take a position tomorrow depending on the strength/chart.
Jaydubs...
I actually heard that and thought that she meant she was a long way from making a decision...but people heard different meanings in those words. In talking with Ed Sargent after leaving the courtroom, I asked him for his best guess until her decision...he said 3 weeks...who knows?
I do think she has strong thoughts regarding IT, negative towards SNH, and must now figure out how to rule on both the plan and the EC's motion to take further action.
Still thinking there is something there for us...
Ilene
Got it. There are actually a number of cases now that have successfully used Stern in their defense...
I will be there.
I'll do more reading, for sure!
the link to the market street bridge in Phila doesn't work, but if they have provided the technology, that is impressive! apparently, it will extend the life of the bridge by 20 yrs.
thx for the reply...was starting to look at the capital structure of Organa when the earthquake hit and then I thought I'd pose the Q. Need to do more reading.
I know that's what they usually are, but read through it quickly...the market loves it, clearly...I have just come to this a couple of weeks ago and have been watching...trying to get caught up on DD! Thx for the reply.
what's your opinion of the #shares to be issued in conjunction with this? thx
honestly, I just don't see that happening. we'll see, eh?
I believe he is looking confident for a reason. might be a good reason, might not.
still rooting for your 1-2-3 Bammm!! scenario, btw
no settlement came from anything, that's true, but I think their demeanor is often reflective of what's going on behind the scenes...the frustrations or the wins. In any case, time will tell :)
Voodoo, I certainly hope you're right! And by their job, BR et al, are supposed to be good actors...but the courtroom has a mood each time, and I didn't get the holy sh** vibe last time :)
haha...and you all thought I'd never say that!
Hmmm, the mood in the courtroom was not yet as defeatist as I would expect if we were close...but I do expect this week and next to be interesting...
...certainly, the reading is getting interesting :)
:)
thank you! I'm going to print your post and show to my kids...for when they forget :)
:)
thank you! I'm going to print your post and show to my kids...for when they forget :)
I have no doubt that she's wishing she could just disappear from our case, too. Let's see what happens in the next couple of weeks.
Ilene
Mon,
She flirts much more openly with Artie :)
We forget that they all have been in court together many times, this case has gone on waaaay too long, and they sometimes do lapse into more congenial vs. completely business behavior.
Now, as for her rulings and dereliction of duty...that's another story.
you are so sweet...thank you! I might shave 10 years off, if I could...but better on this side of the grass, in any case :)
haha! your obvious pandering is winning you points LOL
you're sweet...I don't mind fielding any question...I just can't or won't answer some...I know you all understand!
I spent 24 years as a stockbroker...I learned not to speculate on prices...I hate being wrong!!
We have a chance, although I would caution only that nothing is as it seems in this case.
no comment!!