This one seems like an especially egregious case to me Lowjack, particularly with the timing of the equity offering, and I was very pleased to see the EC lawyers focus on that.
My main curiosity is - WTF happens next? Does the DOJ or attorney general get involved? Does the Company even sense that something bad could happen and that equity could get a pretty large stake here?
Don't forget that the US Trustee WORKS for the DOJ, and he appointed the Equity Committee in the first case. If the US Trustee feels that there is criminal wrongdoing here, I'm sure he will reach out to his fellow mates.
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