Correct. Based on the financial position of the company and the results of operations as per the SEC filings in addition to the pricing of the bonds and the equity, any effort to form an equity committee will meet stiff headwinds. At this point in the case, an EC movant would have to prove that a "substantial recovery" is in the offing. I just don't see it happening.
As one of the owners of that blog, I will tell you that trading report was only a first step. We are certainly aimed at valuation and believe we have a good chance. There are many fundamentals that are yet to be understood within the recent 10K filed and I look forward to the one showing the first quarter of 2010.
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