RE:From the courtThanks for that. Good letter.
What I find MOST interesting is the following:
"We are also concerned that the reduction of the sale price to insure against a risk that we consider to be remote . . ."
This is referring to the risk that the PDVSA 2020 bond will end up being worth anything. Remote?? Wow, I'm surprised they're that confident.
This is in dramatic contrast to the view recently (maybe currently as well) expressed by the market. Last I heard, those bonds were selling at 96 cents on the dollar and many of the bondholders were expecting to get full payment any day.
Strange.
One other positive here. With all this monkeying around here by Elliott, their argument for them getting a break fee will be that much weaker. Elliott should not get a break fee in return for wasting the Court's time and resources with their all-over-the-map serial bids.