I remember this Voodoo, but Rosen countered her with "they are mostly form objections your honor." We will address them if need be or something like that, in other words.. SO!
It is good to be proactive, but we need to be careful with spamming the docket. That is where we can push the court in the wrong direction. Let's say the court's clerk decides to read some objections and starts reading one, reads it and then clicks on the next one, if it is like the previous one, the court will skip over all others with the same title even though they may be different. The court may eventually get frustrated and ignore "all" shareholder objections and only read the professional firm ones. That would be devestating to our cause and our case. The court currently recognizes shareholders who speak out, what if the court had to sit and listen to 4 speakers say the samee thing, how long do you think it would take before the court would just say.... NO! Speak through Legal Counsel if you need to speak to the court, or, "use your EC!"
We have to be smart about sending in Objections to the court and Motions need to be brought by legal counsel (Pro Se) is not really recognized by the other parties unless they are forced to by the court. This is not a small BK with 50 entries on the docket, this is one of the largest BK's in history and the most expensive and we (the estate) are paying 10's of millions a month in professional fees which adds to fees if the attorneys have to read the objections (which decreases our chances of recovery and control).
Yes, it is great to object, but to duplicate does not do anyone "any" good! I know it gives the shareholders "warm and fuzzies" to read all the objections, Duplication and form objections only tend to unnecessarily pad the docket.
Only two people who have sent in Letters to the court have been answered by the debtors and that was Hoffman and Schnabel. Schnabel was IRS refunds going into an escrow account with WMB. Ended up being WMI/FDIC/JPM. We all know what happened with Hoffman, Legal counsel was needed for that fight.
Now Thoma and others have showed up and been allowed to speak, their concerns certainly have impacted the Judge. We now see that if she did not allow Nate to speak, we would most likely be done with this case by now and our investments would be wiped out. We never would have had the Insider Trading allegations "front and center and the Hedgies would have gotten the new Undervalued reorg entity while we licked our wounds. Instead, we have an IT investigation in full force and the possibility of equity coming out ahead in this bizarre possibly criminal case. Ilenes had some great concerns when she spoke in Dec, but the court did not address them one bit!
What we do know is THJMW is giving us shareholders a chance to air out our concerns and we should not "abuse" that privilege. We have to be careful, this BK can go well into next year and we have to be conscious of the court's patience. A broken record will eventually be discarded for "new music!" I used to use them as frisbee's and sail them out over the farm as far as they would fly.
That is my Opinion on Spamming the Docket!
~Don~
Thanks DEVGRU ST6 Geronimo!!
Job Well Done USA is Proud of You!
