Good points. DR cut some deals which suggest he was playing with guys a bit shrewder than himself. Perhaps had he been successful in executing his business plan, if there ever was one, none of these lawsuits would still be on the books. As it is, DR and legal counsel have been consistent in one way: they've lost every trial or appeal to date. Cha ching $$
With a kinsman like Judge Posner operating within the notorious Chicago judicial system, how could he lose? LOL Strangely, Posner in his ruling re: Mr. Leon referred to "reckless gamblers, sharpies, wise guys, exploiters of loopholes, even violators of the letter or spirit of the rules" and ruled for naked-shorter Greenblatt anyway. Anyhow, we all know what Posner meant, and we all know what most iHubsters think about the damage blood-sucking naked shorters have wreaked upon millions of small investors. Too bad DR fell for the line from the Chicago sharpies, hustlers and disguised naked shorters at the outset. Shame on him. My sense is DR became obdurate when he realized he had been taken by the Chicago Boys. Stubbornness is not necessarily virtuous.
http://www.natvan.com/free-speech/fs9611d.html Posner stated that while Greenblatt and his raiders may be "reckless gamblers, sharpies, wise guys, exploiters of loopholes, even violators of the letter or spirit of the rules," they nevertheless play a valuable role in the marketplace and can keep their ill-gotten gains and do it again if they feel like it.
Greenblatt sold more LTV stock than actually existed (ed. i.e., naked shorting), replacing it with cheap warrants--and reaping a $27 million profit in 22 trading days. So far, he has gotten away with it...
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