posted on
Sep 16, 2012 06:19PM
To add a few more comments before everyone fades off including myself, the judge can indeed keep granting extensions. However, after giving management win after win with followed by not offering noteholders some kind of bone besides where the sun don't shine those extensions may be short lived like the recent 30 day stay. My view from a practical standpoint is to cut a deal soon after noteholders lose appeal even if it means a little dilution. We have no idea if this judge will get tired of granting extensions or how long he will be in charge of this case. Management appears to be in the best spot to make a great deal and imo they should not waste the opportunity to get out of CCCA if a fair deal can be reached. For all I know noteholders may settle for more interest and move on but I am not counting on it. My view as a mushroom is 20 million shares will seal the deal.