I was at the hearing yesterday. full house. SEC, us trustee and hays team on the left. camera in front of them for absent attorney. spng team and pike and NC investor attorney on the right. LETS GET READY TO RUMBLE. Mosko spoke and, in his usual confusing way, made his points but is not very inspiring or clear.
Best points made and, surprisingly, mostly by spng and supporters.
1. trustees lawyer was well spoken but insulted investors
2. trustees lawyer implied M&M indicted. he wasnt,just charged
3. both sides mixed up facts re dicon finances, cant figure out how nobody stepped in and corrected.
4. US trustee's office attorney was weak. SEC defensive but really made no points. SPNG attorney ok but not nearly as eloquent as trustees counsel. NC attorney and rudnic (sp?) and especially pikes attorney (very cute) were on top of their game.
5. 2 or 3 good investor speakers if you exclude rudnik (sp again). Furth was good, another from cleveland excellent in pointing out how arrogant trustees atty was and how contemptable spng and mosko were for witholding info. Also cleared up misrepresented statements regarding payments from vendors. Hays did not speak but clearly focused on finances rather than sales and distribution. Judge seemed to hold trustees atty in contempt at end for not sharing all docs and not performing DD and for late filing of motion.
6. other speakers were too lengthy and emotional. just the facts, mam.
7. it appears from conversations with the crowd that there is a good chance for dip financing.
8. Orthos and Chasids were in back row praying and reading psalms. Gave CHAI FIVES to several speakers. hope they were praying for justice, not just their friends and associates.
9. trustee has a good case if they follow through but it would appear that there needs to be a new trustee appointed in consultation with all parties. Hays is qualified but definately tainted by previoius association with sec and propensity to liquidate. He also seems to rely only on documents and not footwork and this was pointed out by pikes atty and mosko.US attorney can easily resolve this by just replacing and letting the evidence speak for itself.
if it were a popularity contest, spng would win hands down. there was a definate segregation in the room by religion. each and every person for the government was WASP with exception of one african american atty for us trustee who didnt speak. the other side, at least at the counsels table, was as Jewish as could be with only one or two exceptions. Judge is Jewish as well. is this part of the strategy? I hope not but it certainly appeared that way.
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