It may have been a "colorable claim" ( appears like a claim) of fraud or insider trading. The fact that she even listened to a pro se (no lawyer, self represented) person like Nate Thoma leads me to entertain the possibility there was evidence in the sealed envelope of a similar nature. In massive BK cases like this, the little guy who can't buy an attorney and speaks for himself is given his moment, but never seriously given any respect. Nate's response by the Judge was very different because I don't think his testimony was really backed up by material evidence that had been presented under oath, yet the Judge actually took notice.
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