You bring up a very good quote and fact. Although it is now the word of the "former" CEO, it should still hold weight in court.
I'm hoping the law suit you are part of is one of the main reasons that it may be successful. It may favor the pre-BK holders, such as yourself, but may help any and all share holders.
I know you mentioned you've tried several times to reach the lawyers you had talked to in the past, but haven't had any luck. You may want to reach out to them again and see what they are saying and doing. It would be nice what they are planning on doing since this was just in court all last week, and the judge will be rendering a decision before the month is over. It will either be before, or right after Memorial Day.
It may be nice to know what "game plans" they have, depending on the decision(s) that will be made. Some good questions to ask:
#1. What are they waiting for?
#2. Why didn't they have a voice in court last week for the share holders?
#3. What are they going to do if Unions strike?
#4. What do they plan to do if they do come to an agreement with unions?
For #4 it almost doesn't matter the outcome, there should be some sort of plan, depending on what the next move. I have no idea what they are waiting for. Yes, they are probably waiting on the judge's decision, but have they explained to you what they will be doing?
I'm sure they are going to want to get a huge pay day, but they aren't going to get jack crap if they don't do anything and no one gets any of their money in this law suit
By the CEO making that statement, he pretty much said it to keep everyone in the stock. Then filed for BK and screwed everyone over. Smart move would be to give every holder whatever value it was at the time of that statement, or whatever the value was BEFORE any of the BK talks were done. I know it won't happen, but it would have been nice if SOMEONE mentioned this at the court proceedings last week. I can't believe no one said anything for the defense of the share holders to represent them.
If not, then it sounds like EC got shot down and not sure what will happen next. The only true "good thing" to do is for them to give warrants to current holders in the new company. if they are trying to do the "right thing", just like the new CEO says he is trying to do "right" by the unions and retirees, then he should do that as well. It would be sad to see him do everything for everyone, EXCEPT for share holders.
Like you mentioned, as well as I have in the past, if PCX screws over all the share holders, why should anyone invest and trust them when they emerge from BK? Yes, I understand people will do it to make money, duh. But no long term investors, or big investors for that matter, would ever want to touch this. I'm sure they won't feel confident that this won't happen to them a few years down the road AGAIN.
AI
