After 3 years=understanding of previous actions=Only option=Deny!
After all that has been written, facts, solutions, thoughts and more I have come to the conclusion that this case now is VERY easy to figure out. All one has to do is look at the previous actions of the court and it will give you the EXACT decision in this case in terms of the decision to approve or not to approve the POS POR 6+. The following reasoning does not necessarily apply to any other decisions in this case. Think all of the main ingredients in this case and what normally happens in Delaware. The reason ninety percent of all U.S. based corporations incorporate in Delaware is because in the event any of these corporations get into trouble they will be able to reorganize in Delaware, cancelling equity whether or not they are solvent with hardly any questions asked. Kind of like going to Vegas running completely out of money and being able to go to the Cashier’s office and get a new stash of cash without hardly any questions asked. Then one can continue you’re gambling such as a corporation does as it gets reorganized and then comes out of chapter 11 and continues with its business plan with very little liability.
We know that beyond any doubt that this Judge wants to at least protect JPM at ALL costs and will let them get away with any and everything according to her past actions. Many hearings ago, this same Judge asked JPM if they had any paperwork as to what they received in a gentle way and the counsel for JPM said no, the Judge asked again, “you mean you do not have anything” and the counsel said no while the Judge replied, “well OK then” with NOTHING ever mentioned again about this subject. I remember at that very time I was floored and flabbergasted with such a response from the court. Fast forward to present time and Equity has barely survived and yes, this could have been all approved but yet it was not. I have always felt Walrath wanted Rosie to give the NEWCO and NOL’s to Equity but he would NEVER have any part of that and so here we are. Keep in mind, even in Walrath’s last POR opinion she carved out the NEWCO and NOL’s while she ensured the shareholders had nothing, TPS was zeroed out as they continue to be and she gave everything else of value to her beloved JPM.
With all of that said and for this Judge to continue to protect JPM she has only once choice as far as the approval or not goes and it has to be denied. At least the POS POR 6+ has to be denied while she could blame everything on the Horsies and claim the Global Settlement is still intact even though there is plenty to say that it should not be. The court argued VERY aggressively with Robert Starke about control, so to me that is EXTREMELY telling in what she wants to do. In order to keep control, she will kill the POS POR 6+, keep the Global Settlement alive through legal wrangling, let Rosie play another day instead of jail and possibly order Equity to be included in the talks of POR 7 and I would expect this to be filed in a less than one month from her ruling. This is the next best thing than to being zeroed out completely, keeps Equity alive, lets her BEVOVED Rosie/JPM off the hook and ENSURE this mess leaves her court with a settlement and never having to rule on the more difficult issues. In the end this court will PROTECT Rosie/JPM to extent possible and again there is only one way to do that and that is to deny! With this kind of deal Rosie will be assured of getting releases but NOT necessarily the other Criminals.
