**2010 didn't go well for Brian Rosen.
In 2010:
- An EC was approved by the Courts.
- Susman/Godfrey took over the equity's case. A feared and respected litigator. After Rosen got Veneable, a weak and incompetent firm, ousted. OOPS.
- Shareholders Meeting was approved, and is still out there waiting for the right moment.
- 2nd Examiner ruling went against him.
- Examiner report, which turned out to be favorable to the debtors due to the incompetence of Holchberg, was tossed in the trash in the first minute of the POR hearings.
- Debtors witnesses at POR were abysmal at best.
- Tricadia revealed more NOL assets coming into play if POR is not approved by 12/31.
- Rosen wanted a POR decision by 12/24. Walrath said no go. Thus putting NOLs into play in 2011.
- Rosen said in January 2010 this would be over in June. It's now almost January 2011. And it's certainly not over.
- Thousands of shareholders, and who knows who else, view Rosen, and his firm as engaged in nothing short of BK fraud. While they may not care about the 'little guy', so far the 'little guy' is still alive and kicking.
- The revelation that he is really working for David Tepper and a conglomerate of hedge funds.
- Wamuvoodoo reported that Rosen looks like he aged 10 years.
What did Rosen achieve?
- A GSA which plans to wipe out equity.
- A smackdown of equity to rockbottom prices.
- Approval of the DS.
Most of 2010 Rosen spent actually fighting against equity, the very constituent he is supposed to be working with and fighting for. And in 2011 he is facing some higher cliffs:
Potential denial of GSA/POR.
Shareholder meeting looming.
Equity gaining more power.
Who knows what other revelations are out there waiting for discovery like the NOL issue brought up by Tricadia.
How many other Hoffman's are out there waiting to attack the lines? How long until one breaks through?
No, suffice to say, 2010 was not a good year for Brian Rosen. He was expecting this to be wrapped up in a neat little package for his hedge fund masters last summer. And the potential for it to all fall apart increases every day.
