Whether or not this is an orchestrated drop in PPS, the risk/ reward here is pretty good even under pessimistic dilution scenarios. The DD has been done by many here, including 2 sitting on the EC with more shares than most here (and who are barred from selling). I believe the company wants the POR to receive swift approval from all parties, so they can emerge ASAP. Failure to get approval from either the creditors or equity will just delay emergence, especially if competing plans are thrown out.
There's a doc today on a bridge order motion granting the debtors exclusivity thru June 17th. Which makes it appear that Rogerson's promise of a POR by the 17th is likely. It could mean that all parties have reached some kind of agreement in a plan that "maximizes value" for all of them (including equity). We'll see, but I'm optimistic.
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