DPincus -- you are spot on correct. The laws of Bankruptcy provide vast resources for a Debtor to exploit. And when they don't use them -- there's little in the law to "make" a Debtor do so.
There's only so much that an outside committee can do themselves. Unless granted permission by the court, with good specific cause, they can't legally "step into the shoes of the debtor".
A lot of people wish the EC/S&G had "done this, or done that" but in many cases, it is only the Debtor who can. And if the Debtor doesn't, simply "disagreeing" with them and their choice of "business judgement" isn't sufficient to get the capability of "stepping in the shoes" of the Debtor.
Of course, I have my disappointment -- with the benefit of hindsight - on what S&G did at certain points of time -- but my lionshare of frustration and fury is with WMI, in the role of the Debtors Counsel -- and A&M, in their role of the Debtors -- to not have bothered to exploit even a tenth of what the law provides to them to be able to do.
...Catz
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