Nah, still mostly crap, in my opinion. The NOLs certainly are potentially nice, but the judge didn't make it clear that they would benefit equity. She clearly should have, but she didn't. On top of that, at another point in her opinion, she very specifically mentioned that it wasn't likely that any money would reach into equity, even if they were to litigate.
I'm all for remaining positive, but the judge very clearly went out of her way to keep equity out of the money, so I'm not really going to defend her anymore. She could have easily done the opposite by ruling on the FJR or stating that the NOLs should be considered an asset. Both of these opinions would have been enormously helpful to equity, and would have been more likely to get WMI, JPM, and the FDIC at the bargaining table than the current opinion. She clearly left the ball in the plan supporters' court, which in my opinion, is foolish. They've shown time and again that they are ball hogs. Why not throw the ball to the EC for once and see what they can do?
My faith lies in the EC at this point, and I do have a lot of faith in them. JMW could have made this significantly easier for us though. Unless there is some grand design to her plans, she has not done that with her opinion.
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