No worries from here on out. BR tipped his hand today. I'm not sure everyone caught this or not. BR stated that they had been in negotiations with the EC and provided them with a term sheet just the other day. Then he goes on to say that the EC did not agree with it and last night presented another term sheet to the EC. This is significant in that it tells me that EC is calling the shots, not BR. You don't see the EC begging for a suitable term sheet or wanting to get this deal done ASAP, the urgency is by the debtors to extinguish the possibility for the HF depos to continue. IMO, they are wanting keep the facts burried, just like many had speculated all along. BR spun this whole announcement today stating that the Debtor's were soooooo happy that after working with the EC for nearly a "year" that they finnaly have a tenative agreement. I call BS. The EC plainly stated months ago that the Debtors had effectively shut them out of the process. The only time they truely started to negotiate is when Susman had them by the family jewels. BR can threaten all he wants to continue with the Modified plan if the term sheets can't be worked out. Again, I'll call BS. BR needs to sit down, shut up, and give us what we want. Whatever, forced this latest ambition to settle with equity, has BR very nervous. His plan is crap and will never be confirmed in it's present state or SG will publicly destroy WGM, JPM, HF's, and the FDIC.
Once corporations realize what the true value of this debt free, profitable reinsurance company is worth, sitting on BILLIONS in NOLS an astonishing buyout offer will follow rather quickly.
We are golden and equity is NOT out of the money as BR has lied to all for over 30 months now. What an awesome day!!!
IMHO
Byrd
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