In a finite world all things are possible
I do not have all the data from the hearings, so I can't say if it's easier for the BOD/Bondholders, or the most direct route to the POR hearing.
Still, having given equity, tho minuscule, to the C/S, what has the BOD done to act in its' fiduciary duty for the C/S? When it denied there was any equity in C/S it could simply ignore that, or call it moot. Having admitted there is equity they would seem liable for the responsibility. While the judge may be willing to slide by the fees to the Bondholders, because they, in the end case, may be said to be paying themselves, that certainly isn't the case with the C/S or any other parties who may receive new shares. Paying unneeded fees would certainly be a bad faith decision. Lastly the judge said he didn't believe that there was anything wrong with this transaction. Is belief the standard that ought to be used here? If I were an attorney in this my first appeal, to the appealet court would be for a tougher standard. Prove that this is an arms length transaction.
I am not conversant with any of the attorneys in this case. I would never presume that I know anything about trying the case, or strategies or tactics. Still, if I had anyway of effectively contacting them I would humbly ask if by chance they have considered these points.
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