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Friday, July 22, 2011 10:17:12 AM
75% chance: "If Judge W says "screw it, I'm tired of this case" she'll buy the party-line B.S. from Rosen and approve the POR."
24% chance: "If she thinks EC has scored major points but still wants to get it over with, she'll "cut the baby in half" (a la King Solomon), and maybe disallow the 4 SNH claims completely and impose FJR on other note holders, etc., enough to put preferreds in the money but still screw commons, but still approve a watered down POR."
1% chance: "If she's alert, aware, honest and idealistic (which, honestly, I think she is trying to be when she's not conned and manipulated, but maybe I'm a Pollyanna), she'll be righteously pissed off at all the lies she's been fed, see the process as entirely flawed, and deny the POR in it's entirety, appoint a trustee (and/or solicit new, competing POR's), and authorize the EC to pursue all appropriate litigation."
Market seems to agree. The first choice is the easiest, and most simple. Thanks EC you have some good points about IT, but nothing that impressive. Adios. Rubber Stamped. Case closed.
Possibly...maybe...perhaps...she'll choose route #2 the 'King Solomon' choice. But this one is still messy and can cause her future concerns. However, I think even JPM & FDIC would be fine with preferreds getting a 10% or so of FV bone.
I think the last scenario is pure fantasy, which is why I give it 1%. Be realistic here, this case is almost 3 years old, and that can't make Walrath look great to her boss & peers. Not too mention the pressure from JPM, FDIC and God know who else. When it comes down to it she's a government employee like the mailman.
IMO
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