Well, I hear ya. I suppose a bean counter can depreciate, write down, mark down or transfer assets to show negative stockholder equity. Maybe they're waiting for a opportune time to write down $189mil in stockholder equity. Seriously, I've always thought and still do believe the foresight of UST to appoint an EC and resultant EC's fiduciary duty would preserve value and produce meaningful recovery for equity holders.
It's clear to me now that EC knew a while back bondholders were out to screw equity holder every way possible. That was the reason EC's counsel petitioned the court (Tronox and others objected strongly) to allow EC to hire its own financial advisers, Eureka/Young. And without them equity holders would've been severely handicapped.
I agree lawyers are out to skin the company from all angles. I've been involved in a commercial property dispute and believe me, lawyers know from the beginning the likely course of lawsuit and the likely end game. Thus, they'll drag and fatten their pocket til it's time to settle. Likewise, lawyers, accountants and financial advisers in this bankruptcy are literally raking in at the expense of us shareholders. If bondholders and unsecured creditors are smart, don't try to eat the whole damn pie themselves. It will be a long long drawn out court battle and everyone loses in the end.
Darkest before dawn? Maybe we're at such period. It's been tough holding long, but I'll be here till the end.
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