Hey Tom/Fbrutus,
I think that Steinberg will object in short order if the mediation doesn't produce anything materially beneficial to the LTW class.
He's fought tooth and nail so far and hasn't failed us, and I doubt that he will go out with a whimper.
Having said that, a little defense never hurts. Maybe writing up a draft objection and having it ready to send in would be a very prudent move.
I feel that the judge will, in fact, rule us creditors to the estate, but she's definitely playing it close to the vest and nearing a key deadline... I know that we all have our own probabilities assigned to the different events, but I think that the market is significantly underestimating the likelihood of the DIMEQ classification as Class 12.
Also, i share some of Wall_street's and Bluzie's misgivings about the mediation. It could just be a smoke screen (CYA) maneuver by Rosen et al. to say later on, "We tried to work with the DIMEQ counsel, but they didn't work with us in mediation, " when in fact Rosen et al. probably have no interest in actually making any material advancement toward a settlement with DIMEQ.
In some ways, I wish that we were left out of the mediation as well, but such is life. I don't think it reflects anything about how the judge will (or might have) ruled on DIMEQ (Class 12 vs. Class 18 vs Class 22). I think that it's just more obfuscation and chicanery by the Debtors (their Modus Operandi).
Best,
Jared
AI
