1/28 from Metalhead's perspective
First, as to the hearing itself, 2 things really stood out to me. First was how many times the phrasing "economic realities" for the estate was used. LIKE THEY KNOW. The snickerings reported as per Myadad were mostly from me (I sat behind and to the left of Nlu55, so it would be easy to blame him, lol). I didn't snicker for effect, but rather, I couldn't suppress it. LIKE THEY KNOW. Black Horse's arguments actually made sense, outside of complete reliance on acceptance of the "commons are certainly worthless" axiom.
The second thing that stood out was when Rosen said something to the effect of "I know it's hard to understand, but we'd have additional countersuits after a settlement." ORLY? You're telling the judge that it's hard for her to understand it? To what non-judge entity might he have been playing? Hmmmm.
And of course, there were plenty of arguments to the effect of "the market thinks that commons are worthless." And the market is always right, yes? Um, no. Just no. I didn't multiply my money by a factor of 8 in the last 14 months by following the market.
Despite some of the maniacal arguments that were made, truth and common sense prevailed at the end of the day. As per THJMW in that hearing, "The fact that these securities are trading at anything above zero indicates that the market thinks that equity is hopelessly out-of-the-money." Paraphrasing, of course. I have a great deal of respect for her. She's earned it, as has the EC counsel, in so short of time.
I was never very worried about the fate of the EC, but it was still very elating for THJMW to shoot down all opposition to the EC, including spending caps, right then and there, from the bench.
I my view, now that the EC has been established and vindicated, it is only a matter of time until a settlement that puts commons well in the money. 2 months, 2 years, I can't say, but any serious long should have been prepared to wait a few years, from the get-go.
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