HooHoo Thread: "http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=me&bn=86316&tid=498661&mid=498661&tof=1&frt=2#498661"
{begin quote from marymbobh}
Someone posted a few weeks ago that...'equity has to start winning on the legal points' if we are going to prevail with a fair settlement. The upcoming hearing on July 8 will have most of the issues important to equity on the table, either directly or indirectly:
1) debtor obstacles to discovery,
2) the examiner,
3) shareholder's meeting, and
4) the disclosure statement for the 5th POR.
It was shocking that Judge Walrath didn't approve the original EC motion for the examiner. The issues were very clearcut and well laid out on both sides and the court's comments ('already investigated to death') were not legally sound.
The only charitable interpretation of the court's position is that it honestly thought that the EC could pursue discovery of the important stuff independently, without need for an examiner. That line of thinking should now be put to rest for the court, however.
The debtors have now shown to the court that they will obfuscate, obstruct, and delay every avenue of investigation open to the EC to the maximum extent possible.
The debtors have also shown to the court that they are not working to maximize the value of the estate and they are acting on behalf of equity in any way, despite their fiduciary duty and their earlier representations to the court.
If the court fails to recognize these things now, our hope for any sort of fair treatment by the bankruptcy court should shift to the 3rd Circuit where the appeal of the original examiner motion currently rests."
{end quote}