Esto es demasiado bueno como para no leerse.
From the Fabulous William on ihub
william48 Member Profile william48 Share Tuesday, March 22, 2011 9:04:36 AM
Re: None Post # of 282226
“Open Mic Night” #2
The first time Rosen used the ‘Open Mic Night’ phrase was at a hearing that took place late last year. I remembered being greatly annoyed by the casual contempt in his voice as he uttered those words. And then again he used the phrase yesterday, but this time I chuckled, as it was done --- not so much with hip-derision --- as with resigned exasperation. Clearly, the truly wonderful work done by all the shareholders who took the time and incurred the expense of attending yesterday’s proceeding gave him pause for grave concern, as he got a terrifying glimpse of the direction in which this BK is now lurching toward; the identification and valuation of debtor’s assets. And it was in that regard that I thought it richly ironic that in this particular version of ‘Open Mic Night’ Rosen should prattle on about P.J. Solomon (and his asset analysis) not being ‘in-the-house’, as it were Truly, the tempo and direction of this BK was profoundly altered yesterday. And most amazingly, it was done without any real effort on the part of EC’s counsel and its retained professionals. Rosen’s efforts were completely stymied by the work of energized and articulate shareholders and a small band of unlikely professionals who are, for now, clearly allied with equity.
The most telling revelation of yesterday’s proceedings was couched in a simple, yet highly intriguing riddle posed by what was undoubtedly the sharpest mind and most articulate voice in the courtroom, (perhaps even the sharpest mind and most articulate voice we’ve encountered to date); the attorney for Black Horse, who smoothly pondered aloud (TWICE, for emphasis) why the SNHs (rational actors we must assume) would forego receiving billions of dollars of CASH in order to obtain the STOCK of a reorganized company that was alledgedly worth a paltry $140 million or so. It was a simple, yet very powerful question that has never been raised before, not even by EC’s counsel. And it just lay there, in stark clarity, in the minds of all who heard it raised, unrefuted by any subsequent rebuttal on the part of SNHs’ counsel. It was one of those few, beautifully simplistic questions that immediately answer itself. You may be sure that Walrath will grapple with that question (and the obvious answer) in the days ahead, and that it may well have bearing on her decision with respect to whether or not insider trading took place. Moreover (and even more importantly), you can be sure that Rosen was/is now duly impressed with the power of Black Horse’s arguments, and to the extent that Black Horse is now aligned with equity, Rosen must tread an even more carefully PREPARED path than before; hence his statements about wanting to see PJ Solomon’s valuation. Without knowing Solomon’s numbers he values the estate at his peril.
Back in October of last year, after carefully reviewing SG’s billing statements I concluded that a “presentation” of Solomon’s numbers had been rendered to WGM for purposes of settlement negotiations. However, Rosen’s antics of yesterday now conclusively prove that I was wrong in my assumptions. He is operating blind of Solomon’s analysis. But even more ominously, if the probings of an ordinary shareholder, the likes of Ms Harper, and a guy who is “just a school teacher” from Texas (Mr. Mason) can uncover information which create misgivings on the part of Walrath (and they undoubtedly did), what then can Rosen reasonably expect to be unearthed by the highly trained, highly experienced, and highly paid professionals retained by SG.
I’ve got a feeling that we’ll never hear Rosen utter the ‘Open Mic Night’ phrase again.
