I've found that these cases really depend on the presiding judge - I'm not as familiar with Virginia or this particular judge, but I was just completely SHOCKED when I read that US Trustee objection - I mean WTF was that? She's supposed to be on our side, not making it easier for senior Lenders to opportunistically steal a company out of a proactive bankruptcy - that was just unbelievable to me - and the fact that she's basing her argument on the fact that $3billion in equity doesn't take into account FMV or depreciation when it clearly states that it DOES on the audited balance sheet??
It's not often that you have $3 billion in positive equity in a BK case - I've noticed in the trading of the equity that it seems to be driven down day after day - would not be surprised if creditors are shorting it to support their "oh equity is trading super low so it's worthless" argument - just hoping we have a solid judge here who can see through all of this. If not, I may not play as many of these BKs as I used to, they seem to be getting more favorable to the creditors.
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