So basically the defense is: The SNH were allowed to help with the negotiations (so no hijacking). And I am assuming the EC was not invited because we were deemed to be out of the money.
If the SNH had permission to do what they did, it doesn't excuse the trading on the info. The hedgies blamed the material info on the debtor and said they were giving permission to trade.
Is this good enough to let this fly is the question.
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