The judge giving the company enough rope theory is likely to me. I was impressed the judge put the smackdown on bond folks out the gate. It was a tremendous victory. The company said all the right things but didnt follow up with the correct actions to make anyone really believe they were trying to save money for the benefit of retail. Im am so happy I walked from this train wreck long ago. Smelled especially bad the day I read about the consulting fee. What on earth is worth 30k a month to consult or a guy making huge bucks to answer a phone when an answering machine referring to CCCA case site would do just fine. And you are correct, Tenor holds all the cards at the moment.
The end game will be tenor and noteholders taking remaining 90-95% of the company me thinks. Retail gets diluted to the max but not totally wiped out as they need them to pursue the arb case. The extra salt in the wound will be the MiP and how it manages to avoid being diluted. Yes i think those share are the only ones important to those in charge.
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