If this Judge approves this plan based upon the presented evidence, then she should know she is opening the door to a quick
"Exigent" appeal by "ALL" objecting parties.
These objecting arguments are right on cue, Mr Stoll of TPS basically argued a case for equity, that was good. I think he knows he is going to be lumped in with the preferreds. She seemed to take the OTS language as gospel in the "conditional exchange" if they traded their certificates for preferred certificates/stock, then yes they will be lumped into Preferreds. Which means they are going to fight for equtiy and have been fighting for equity for quite some time now.
Arthur Steinberg of LTW's is doing a great job.. He actually said "they drafted like members of a club" and the LTw's and Equity are not part and never were a part of the club..
Too Clubby to Fail and Not Clubby enough to survive!!!