I think I heard him as well. But, if there was a reserve, the Senior Note Holders would have had to "sacrifice" a piece of their take. They never did. It was never stated in the POR7.
On Feb 1, Rosen asked the judge to nullify the set-aside. I thought it was pure B/S.
Our case is part of a larger picture involving the complete breakdown of the "rule of law" with respect top the banks in the USA.
The entire sordid episode of "robo-signing", fraudulent lending practices, the TARP, etc., is an indictment of the system. Congress and/or Justice Dept will have to answer for these abuses so that this nation can come back to its senses.
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