Heya Lebosco! I also remember that specific exchange because I recall being a bit bummed out that Nelson used such an "intangible" (to continue the theme from my prior post) basis for $30b in assets.
Calamari, much to my dislike, verbalized my thoughts by contending that this was not much of a basis for valuation.
Oddly,..as we see the Debtors refusing to present assets, it seems we are following this MO.
Let's play "What if...?" for a moment:
What IF Nelson stated to the court that the EC had found (through Solomon) an asset in the possession of the holding company? Lets say that Hypothetical Subsidiary "ABC" owns a diamond in an offshore bank worth $30b. Yeah...REALLY big diamond! Once this were presented to the court, the debtors would immediately start the process of presenting motions and objections based on noting intended to delay or stall, and ultimately make a claim on the diamond.
We all saw this from the immediate FDIC objection to the claim. Even this "intangible" claim by Nelson was under immediate attack and it wasn't really based on something usable (directly anyhow) for valuation.
Problem is, the Debtors know* about this diamond already...and until we find it, we do not. By telling them now what we find, they can make adjustments so that they can maintain A<L.
This makes me think that the larger assets which are hidden are large, which would make manipulation of the A<L very difficult.
Sooooo....if Nelson has found them...he is sitting on them till Confirmation when he can present one after the other to the court frustrating the debtors and Weil to no end in the same manner that they have frustrated us!
Just throwing that out there!
Good luck Lebosco! Was good to talk with you! Missed you at lunch at my first hearing...
jest
NOTE: Do not make investment decisions based on the information provided in my posts; past, present, or future.
As Always: "Trust But Verify" -Ronald Reagan
