AbitibiBowater, Inc. (fka ABWTQ)

[emailjanum]

I want to thank you all for supporting me.

I am also thankful to Judge KJC for allowing ‘as much time as I need‘.

Here is the summary of what happened.


Before I was asked to address the Court, Judge KJC made it clear to me that

This motion can only be granted if any of following 3 conditions is violated.

1. An intervening change in controlling law..
2. The availability of new evidence
3. The need to correct a clear error of law or fact to prevent manifest injustice.

Then KJC asked me to address the Court.

I argued that I have submitted in evidence docket #2990.

Timber rights are of utmost value to debtor and are not accounted for.

Zelin is not qualified to value this company

I read all the conclusion that I had put forth in docket 3024.

I emphasized again that these timber rights are worth much more then company is valuing them at.

I told a little joke about how accountants can miscalculate everything. I spoke for about 35 minutes and then I ended.

Debtor counsel addressed the court with argument that equity is out of money and movant was already given chance to address the court and evident that he is presenting today was available to him at that time. Time to consider EC is gone and order has been signed and there are no extra ordinary circumstances to grant the relief. If Movant has problem with value then he can come back at confirmation hearing and file for objection.

Hon. KJC agreed and stated that all the argument that you are making today should have been made on August 4th. He also commented that he understands the funding issue. But that happens all the time in this court. At that time, he asked if Dr. Henry Romero is in the Courtroom or on the phone. Hearing no answer, he then moved to ask if anyone else want to address the Court. At that time, Unsecured Creditors Committee Counsel on the phone requested to address the Court and mentioned that Equity is out of the money. He then went on to mention that in one of the document Movant mentioned Smurfit Stone, but those bonds had rallied nicely right before confirmation hearing.

Then Hon KJC asked, “Before I give my decision, I would usually give Movant a minute to address any of the concerns raised by the Counsels“.

At that time I went back (little angry) and asked both the Counsel, on what basis you can say that equity is out of the money/? May be you are saying that because your DS and POR does not contain any meaningful value of 46 million acres of property rights or may be because stocks and bonds are trading very low. Bonds are trading at 10 cents on dollar but they are very thinly traded and some of them have not even trade in last 3 months that is no indication of equity being out of the money. Market makes mistake all the time. I thanked Court and ended there.

Then KJC asked me ‘are you submitting 2857, 2930 and 3024, do you have anything else to add’

I said no.

Then KJC went on saying based on evidence presented here today and as I explained to you before you had chance to present everying on the 4th and I can only rule on evidence, so I can not grant you motion, but I would welcome you to comeback at the confirmation hearing or anytime you want to address this Court for whatever issue you have..

I stood up and thanked him….