Formalities.. I don't think this Judge is going to let a new Bankruptcy law precedent of hiding behind "attorney-cleint" privilege as a basis for making a decision that affects an estate she believes has value for equity stand. Judges are increasingly turning away distressed investors who are trying to control and manipulate the hand of the court.. She is not going to be the Judge that allowed a new case law precedent that will be set throughout the system when using the BK court to reorganize under duress..She received thousands of letters from pre-seizure shareholders, I am sure she wants equity to be treated in a fair and "equitable" way.
No GSA will be denied on the basis it is not reasonable and was not negotiated in good faith and left out a core constituency "equity." Once GSA is denied, the POR is dead. Unless the debtors want to subject their counsel to cross examination in defense of the decision to bring this to her court in this framework. No the framework is going to have to change to include equity, if they get it done in a couple of weeks they may be able to fast track it to confirmation by end of year, but not without equity. She's not going to fall for the WMB stock abandonment and NOL's needing to be used by the end of the year. Value is already in the estate and this judge is well aware of what that entitles.
They (debtors,creditor committee, jpm, fdic 3rd parties) are using the Bankruptcy court to "basatardize" the court into accepting a GSA that has no legal legs to stand on. Bankruptcy courts are held to the "highest standards of jurisprudence", this is why bankruptcies are allowed to take so long in the court system. The Judge asked an examiner to use her [courts] powers to subpeona, depose and record the information of all settling parties, in turn she gets a "ream" of hearsay. Just because the Examiner did not want to affect his law firms future business and survivability, does not mean the EC will stand down when it comes to the settling parties. TPS. DIMEQ. and EC can more than do enough subpeona power discovery to inform this court properly, so the prostitution of it [the BK court] will not be allowed to happen.
That's my opinion.. And Nurse if you want to discuss this, I am all ears.. Except I have you on ignore, so you will need to reply to another poster who in turn will reply to you, then I can read your posts. You are not worthy (in my book) of being removed from the iggy list.
~Don~
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