a few words about today...
Steve Zelin from Blackstone on his valuation models, which <surprise> turned out to be flawed :)
no independent analysis, everything spoon fed by the debtors
assumed current level of business...hello...they have 14 - 18 employees...how much business do they have??
so, assumptions made on re-insurance biz, on reinvesting cash flow back into biz and the timing of the reorg, all which drastically can change the outcome, if the assumptions were changed a bit.
farily short cross, compared to this afternoon.
snarky, sneaky behavior by our (ok my) favorite attorney...75 new exhibits delivered to the parties at 3:30 AM. even JMW couldn't let that one go. she overruled a number of times today in our favor...and asked at one point if they were opening the door to a particular line of questioning...she has been on point and mostly in our favor.
BR not looking so hot today...nervous and haggard looking. running in and out of the courtroom again today. his overconfident underlings weren't so overconfident today.
long wait while everyone hashed out which of the exhibits each party was ok with for the record.
Charles Smith...poor charlie...a disaster today. whoever said his smartest question would be to ask for a bathroom break when Ed Sargent crossed...right on! Charlie was squirming...they taught hin well in law school... how to buy time when your *ss is on the ling...
he was grilled on the voting issues, and though he helped draft the ballot and instructions, he was as confused as anyone when asked to explain.
he kept hammering home the "if you get a distribution than you are providing a release" (and visa versa). he was hammered on the "fair and reasonable" dctrine and given that he couldn't explain half of the questions about the ballots, it was difficult to believe he ever thought it was fair and reasonable...he doesn't know whether it is or not.
turns out though, that he and many others (directors and officers) and numerous parties that either provided legal representation or some other consultative service are also released from liability in the current POR.
a couple of great lines from today:
Art Steinberg - "no apology is adequate"
(Charlie says, the plan speaks for itself)to which Ed Sargent replied, "well what does it say for itself?"
that's it...brain fried, still have to work out :(
see you all tomorrow!
AI
