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Monday, April 05, 2010 3:39:17 PM
I believe we are at a fork in the road as Weil planned to sell equity out from day one and Rosen has been riding the fence and was ready to make a grand announcement around the December 2008 Holidays, however equity would have been canceled and the case would now be over. Thank God for the US Trustee and however that developed is a blessing which is proving that this case has not gone in favor of Weil/JPM or the FDIC.
Now Rosen is truly at a fork in the road; is he going to switch horses in favor of equity or continue to beat the dead horse favoring liabilities larger than assets? I think Rosen called Venable on Monday after his infamous Friday filing of his sham POR and pleaded with Venable not to file sanctions and he was ready to work with Venable and will turn over all documents along with working toward a speedy conclusion. This could explain actions of a recent EC member and would be a business decision not to file sanctions but rather work toward a speedy conclusion.
I just do not think Rosen will be on the losing horse as it crosses the finish line and this is why I believe Venable reached a business decision to work with Weil. I just hope that Venable demanded to be the lead counsel if this discussion took place. If we get which direction Rosen is going to take tomorrow then the securities could explode assuming Rosen will take equities side and I believe he will.
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