DIMEQ decision this week?
When one looks at the calendar you will find that objections are due for the Disclosure Statement hearing on 1/4/2012 with the hearing itself being held on 1/11/2012. With that said, the Judge has to allow at least several days for the lawyers to read, interpret, discuss and lay out their objections. I say having to actually make an important decision in this case has to have this Judge in a VERY uncomfortable position. Let’s see how she plays this hand with what we have a stake. First if she throws Steinberg into almost totally diluted common shares, he will be furious and will not quit with potentially filing a “Writ of Mandamus” or something similar to keep from being equitably moot. Next you have TPS who will quit a nothing and will no doubt make the same or similar filing, especially with this Judge giving the middle finger to Stern, SCOTUS, legal precedent and totally trashing due process.
I have to predict the Judge will take the path of least resistance and put DIMEQ in class 12 or she will have a ton of problems facing her with the potential of having two separate law firms vying for their clients rights for due process. I would also think she has to make this decision between Tuesday and Thursday this week. If she throws DIMEQ into class 12, then she buries many issues which will give this court better chance of getting the POR approved, without being “stayed” due to individuals having their due process trampled on. If this case is stayed, then JPM will be forced intervene as they can ill afford to have the worldwide theft of the century unraveled. Let’s see what the board thinks.
1. DIMEQ awarded class 12
2. DIMEQ awarded class 18-higher
3. DIMEQ claim dismissed
4. Other
