Yes and this is what I said back in Feb.. Nothing has changed since I wrote this post and I believe the EC "has our backs in more ways than One!" This is why most of us are focusing on issues "closer to home." I expect Fireworks in May! GLTY
Thanks Large Green for calling my attention to this Reply filed by our EC. I have always thought that the EC was going to attempt gain control of the Debtor by showing valuation numbers that puts the EC into the driver’s seat. What really caught my eye was a very small reason/statement buried in this filing. The majority of the filing deals with responding to objections, but the section at the beginning re-states why the EC wants discovery.
We all know that SNH group was very involved in the GSA, and in the creation of the POR. IF the SNH group was in negotiations to take over the assets of the debtor after the bankruptcy was to be completed, then as part of "their" DD they would have valued the assets independently. Because the SNH were part of the GSA, and positioning themselves to take over WMI2, Rosen could have shared the entire asset list with them.
I think this is why Rosen is proceeding so cautiously toward the confirmation hearings, because the SNH group had information on assets that the EC potentially did not know about. Now that discovery is being performed on the SNH, which includes valuation documents (see attached image from filing), I think the EC may now have the information required to assume control.
This is at the top of page six of this document...
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