I would say the commons are not as important as the bonds. But there is plenty of precedent with the value of both being used in court. It was a big reason the CEMJQ shareholders got an EC.
I look at it this way; the values of both sides are distorted, so anytime you can find values from a different source it helps. It may be simplistic but it is true that if investors are paying $1.10 for the bonds they expect to be paid more than $1.10, the POR has them receiving $.08, therefore they have to make up that money somewhere. They are planning on making it up by owning a very profitable company. That "windfall" is not permitted in BK.
I believe the judge showed his desire to control the entire situation by not allowing the examiner, I think he wants to decide this and doesn't want his hands tied while he does so. There will be a full blown valuation hearing coming in our future and it will be easier for Sontchi to disregard the debtor's and shareholder's values than it will be for him to disregard the examiner's values. Obviously this is all just an opinion from an investor.
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