I just don't see the receiver getting bogged down with trying to right the Calypso ship. I think he will accept the word of the prior courts. I do think he'll have to make a judgement call on CT and the others that say they are due something from Calypso. Anything that is pending or was pending when he took over is subject to scrutiny. I don't think he will address all of the wrongs done to Calypso by the cast of characters. I do believe he has wide latitiude.
I think that the reciever can test the interests of the creditors and weigh them as they see fit, that is probably where the difference rests between a reciever and a trustee. A trustee carries out the plan the court gives it and each and every creditor gets its say in court all along the way, w/ the reciever the court is so disgusted that it will not bother to "hammer" out each and every detail weighing interest vs interest in any specific order. I guess you could say the reciever proceeds "ad hoc" granted im just making this all up because it seems to make sense. But if you do accept the single distinction of by order vs ad hoc you just might be able to see that just about anything goes (that is just about anything that one w/ integrity would do).
there is an overriding assumption that the judge assigned someone qualified for the job and that a good reputation just might take a front seat to technical legal knowledge.
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