>>Which I'm also making the assumption that you go long or short those companies, making at least some kind ownership in those companies.
I'd never short a bankrupt company - no matter what. I've seen way too many that are absolutely beyond question worthless go on crazy runs even after a plan giving nothing to equity was approved - the SEC/Finra/DTC will fully delist a few, but most continue to trade, sometimes for years.
>>My problems are with those who come onto the MB's stating they own no shares, have no plans to own one way or the other, and that they are there only to share their wisdom and altruistic ways with everyone
I do have a position here, albeit small because it was not easy getting shares last week under a dime. But I will contribute my thoughts even on bankrupt companies where I have no position, and I can assure you that it's not due to a secret agenda. One thing I like about BK is that while you are usually looking at a far more diverse set of sectors, the bankruptcy process is always the same. Therefore, I will follow cases where I don't necessarily think the shares are worth getting long on (and as I said, I won't short down here) because there are parts of the process that I want to watch play out - because I think they will help me with other cases in the future. And I'll post on those boards - with full disclosure that I don't have a position - it's not so much to be altruistic but to have discussions about what I think I'm seeing. I know there are at least a few others like myself. To your point, there are also some that come on with alterior motives. I don't think they come from the atty's offices though - those guys have contacts they can call if they really want to birddog a case.
I get your point about not liking attorneys. You know the joke about women getting pregnant from 'behind'....that's where attys come from. I tend to prefer ECs despite the cost, because if you are stuck with a room full of atty's, you don't want to be the one without one. Mgmt has attys, creditors have attys....equity having attys will raise the overall admin cost, but they usually shift a bigger piece of the pie to more than compensate. I will say I've been involved with at least one case where I believe the EC atty probably got in the way and did more harm than good.
AI
