I'm thinking along similar lines - i.e., the court is indeed sensitive to disclosure concerns and the market. There's also another "timing" thing to consider.

Why do I think that, essentially, JW is sensitive to the market? Well:

Why did he do as many suspect and rule on ACP privately?

Why were no details provided with the motion for the Stay?

IMO, because it may have been, in either situation, a signal to the market that would not have gotten in front of the eyes of all shareholders of any of the companies involved on an "equal" basis. For similar reasons, I suspect that the PACER that falls from a settlement would be held until all affected companies can issue a PR advising their respective shareholders of this outcome.

The other "timing thing" is that the companies involved will KNOW the outcome before the court. They probably have draft PRs in waiting - for any contingency. Once settlement is achieved, they could announce immediately, e.g., concurrent with the filing of a motion to dismiss being submitted to the court (and there is no way JW will deny this motion).

Thus, I believe the first thing we'll see will be PRs, hours if not a full day+ before a PACER.

JMHO,

SGE