Joe - I am overloaded with it. It is extremely risky, however I have read many of the transcripts and I believe that the official SHC will be dealt with in a settlement before this is over. There are too many complexities to go into any depth, but suffice it to say that the ipp mkt has turned, and MIR is poised to perform well. The window on favorable financing is still there, and one helluva valuation fight awaits if the s/h's are not settled with. From the action of the bonds and preferred, it seems deals have been cut with them, and - for now - the stock action suggests that mgt wants to wipe the common. My bet is that they cannot succeed - at least not in a worthwhile time frame. The judge is fair and appears to follow the law although he gives some latitude to mgt as witnessed by approval of the ridiculous retirement plan for Marcie. All of his body language - and the essence of bk cts - exudes "settle". Even if the POR is filed wiping the s/h’s that is not the end of the line, and there isn’t much room below. I’m in for the ride - again - as I see a settlement at least in the $1 range - where the s/h inv. bkrs earn a bonus bwdik.
