Something to ponder between now and 8/15/2011!
Most of us have thought about everything that has gone on in this travesty, both positive and negative. After all, we have had three long years for us to drive most thoughts home. When I look at what transpired in the hearings and look at it from a “cover up” point of view as that is how this case has been treated from inception, I have a hard time figuring out how to approve this POS POR 6+. The Horsies put a real twist in covering up this case. I think it would be a real stretch to try and say they did nothing wrong, thus paying them the Contract Rate or even the Federal Judgment Rate in order to approve this mess. On the other hand, if I would impose either the FJR or the harsher penalty, then I am suggesting there is no way I could approve the Global Settlement much less the POS POR 6+. I will not even go into the other many, many reasons both legal and illegal why the plan should be denied, other than to mention the Supreme Court (Stern) ruling and ANICO which should be more than enough for the Judge to keep her from approving.
I would like to talk about the timing of many actions which were and were not taken by the Equity Committee according to some and due to the amount of corruption/fraud, justifiably so. Without going into many details, I will just say our legal team has shown they are truly working for the best outcome with the timing of hiring and other actions which is extremely important. We would NOT want to give our enemies too much notice on any action we pursued. We know the Judge in this case without any doubt has wanted a settlement by the parties to put an end to this travesty, but so far this has escaped in total. Now the Judge has a MUCH harder decision (s) than she ever had since the first plan, due to the amount of coercion, fraud, dishonesty and evasion of asset value (s). If I read this Judge correctly, she will not get a settlement unless there is an option and that option has been discussed many times earlier by me and others. Using the known values and Rosie’s own numbers, it would seem to me if the Equity Committee was ever going to issue a respectable POR satisfying ALL debt, the time would be somewhere on or before 8/15/2011 and maybe on 8/3/2011 with the final summation. If Susman ever had a true “shock and awe” and if the new POR is it, the time may be very soon. The timing to me would be impeccable to the point of perfection if this is in the cards! Once again, show all of the fraud, corruption, and failure of the Debtor’s fiduciary responsibility and give the Judge an option she cannot refuse by holding that card to the very end.
