There is much that we don’t know about what is going on behind closed doors. There is a lot of discontent and a lot of very serious dedicated people have concluded that the EC and the SG team is not working in a way that will bring the greatest chance of the maximum recovery to equity. Gibson has posted a lot of circumstantial evidence to make his points and some of it is a connecting the dots from filings or lack of filings. However the conclusion that SG is somehow no longer working for us and has thrown in the towel is way too big a stretch for me.
I look at SG as being the counsel for the EC. I wouldn’t expect them to give the time of day to any individual equity holder or ad hoc group of equity holders. They listen to the EC only. So I think criticism of the SG group is overblown. Possibly MW deserves criticism if he was handed information and then did nothing with it. I don’t pretend to know what MW’s agenda is. He may be very dedicated to equity or he may just be very dedicated to MW. I don’t have enough information to make a judgment so I won’t criticize his motives. I will criticize his seeming lack of willingness to accept help when it was offered. All that did was get the Observer, Gibson group upset.
So where I stand now is I am upset that I don’t have better information. I think SG is still our friend. I think the 3 additions to the EC will find out quickly enough if MW is a problem or not. I expect if they determine he is, they have the new majority and will lead the EC in a more aggressive manner. I welcome any attempt by our activist shareholders to introduce an evaluation of the NOL’s to the court. I also think the postponements of the deposition is an indication that SG is working behind the scenes and it is good for equity.
I know there is a lot of pent up anger that has been seething just below the surface for a long time. We are a group of honest people who have been screwed first by our government, then by our own attorneys (WGM) and we are afraid we are about to be screwed again by our own EC. I think the later fear is unfounded, especially with the new additions. I believe SG all along was intending to defeat the POR and he is confident he will do that. We worry over his lack of billings but if he feels he has it licked, then maybe his lack of billings is a sign of confidence rather than a sign he is giving up. After the POR is defeated, then the next part of their strategy will come into play. We don’t know what that strategy is. This is what I think and hope is happening. Now because I haven’t come out and agreed with the bomb throwers, I expect to be put down as a naive bumbling old fool but I am content with what I believe and really don’t care if people agree with me or not.
