I am going to split the difference and run it 20:1.
From what I heard, Bernstein acknowledged their points right away and said they could come back when the new Disclosure Statement was filed.
He didn't have to do that - why tell them to save their ammo for the real Disclosure Statement, if he didn't want their best shot to matter?
At that point, the hearing took a turn away from Objections and more into creditors fighting over the backstopping plan, which shareholders weren't yet a part of. Thus, no point in joining that discussion, but should have provided a lot of worthwhile information.
No point in laying the cards down on the table when the hand is still going. Could be that commons attorney is just adding aces to the sleeve. Could be, but the ante is being upped every round, so they'll have to come up with the coin to stay in the game.
That Objection they wrote was pretty good, so it's possible that some might think it's a bet worth taking. Have to see in 10 days I guess. Definitely wondering if dissenting creditors who have votes (and are sure to be defeated anyway) will start helping commons to get them on their flank to team up against senior creditors. Then you'd have a REAL battle. Maybe even a competing Plan.
10 days, not that long. I'm going to stay in the stands at least that much longer. This is a fun one to watch.
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