If she wasn't Equity friendly, she wouldn't have let a hearsay based accusation (Nate Thoma) to get any grip, and we would already be somewhere near a graveyard.
I think she is in the middle of 'what she's being told to do' and 'what she thinks she has to do'. I'm sure she is being pressed by many ways we cannot imagine, by colleagues, by her superiors and maybe by some unknown third -powerful- parties (I wouldn't like to be JPM's target for example).
I don't excuse her, as I think she, as a Judge, has to rule as fair and just as Justice can be. I think she's been a little bit mild, and she could have ruled many issues Equity favorable, as the 4b, but if she didn't do it was because the debtor's crooks didn't allow her to do so, claiming that a global settlement was almost done. Of course debtor's definition of 'GLOBAL' didn't include Equity, it's just about semantics.
Music is about to stop. Right now there's not much money left. We are playing our latest cards and what we should try to get is SNH's claim disgorgement so that some money could flow to the Equity to make us (equity) owners of the WMMRC. With the control of that precious ship, the point of view would dramatically change for us.
Next step would be pursuing all claims pending outside BK court (against FDIC, JPM and debtors, why not). We could look for a merger so some big company could take advantage of the NOLS (maximized by the Old and Cold ownership of the NewCo) and it would be just a matter of time when we start wining the pending suits. At least the judge recognized we have (some) colorable claims, something to gain and get money for deeper and longer battles against stronger opponents.
Of course, the fast lane would be a settlement, but right now I think JPM and FDIC has zero motivation to settle, as the Judge stated the GSA is still reasonable.
All IMHO.
AI
