http://media.bloomberg.com/bb/avfile/Politics/Law/v5JrJWUhSggI.mp3
Some highlights:
4:05 "This was a case in which the parties behind a Global Settlement were simply asking for too much, so much that Judge Walrath was forced to rule that the Plan exceeded what she was able to do under the Bankrupcy Code..."
5:00 "Judge Walrath said 'you can release directors and officers and professionals and [...] for a work that they do IN the BK case, but otherwise you cannot give releases to directors and officers for things that might have happened before BK'"
5:50 "She said that you cannot limit the participation in a rights offering to people with multimillion dollar claims"
6:50 "I see this as a BK Judge being resistant to the, let's call it current history of BK cases where there is a great deal of influence from the, let's call them, Hedge Funds or Vulture Investors focused by debt at a discount with the intention of participating in a chapter 11 case, and I see a BK Judge here in this case just standing up against folks of this sort saying 'listen, it's perfectly allright to buy debt, its perfectly allright to make profit, but Lord Mercy, you have to obey the law!!'"