Equity is always last in line.
It appears that you believe that Meruelo & Co. have placed all of their chips on the the First Amended Plan. Now you are implying some sort of scorched earth policy? I would hope not.
He is an entrepreneur. It is very difficult for them to give up.
I also think you misunderstand my intentions. I am not leading some terrorist group. I am a shareholder, one willing to put additional money at risk to help fund the turnaround.
Does anyone know what the potential reaction would be if the Second Amended Plan stated "all shareholders have the opportunity to participate in the rights offering"? We would see prices rise to $.50 per share within minutes.
All creditors are looking out for their best interest. They just want their money back. They really have no interest in REO. You are discounting the power of the OCC. They have the power to put a halt to many things. Although the real estate market is a mess, it is also possible for third parties to show up with higher bids.
On 5/18/2010, the OCC will file a plan. A couple weeks later we will most likely see a couple of third-party plan proponents.
I am off to Shreveport/Bossier City this weekend for a little business and a little gambling. And no, I do not play poker. I am going to play Monopoly!
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