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Chapter 11 Announced - Part 9 - Confirmation Hearing

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Dr. Doug Kennedy made an impassioned speech to the court and asked the Judge to keep her focus on the survivors as she makes her decision(s).  Jessica Lauria thanks the court for the time devoted.   A

Annnnd....Judge has now said that she will give this another 45 minutes and pick things up in the morning.  Thus far the only clear winner in all of this is "Billable Hours."  

Missed this morning so far. Yesterday ... my takeaways. Bankruptcy US Trustee's path is clear .... go after the fact that some releases are being given with no contribution.  One o

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BSA, Ad Hoc LC, Century lawyers presented so far this morning.  Very convincing arguments to approve the plan.  They are pointing out clear factual errors that were made by opponents.  It feels like this is wrapping up today.

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Seemed to be going well until right now.  Judge seems to see some issues that BSA insurance counsel cannot defend well.  Basically, non settling insurers are saying yes you can transfer the policies but that comes with the benefits and burdens.  It is really a debate around language in the plan.  It may require some clarifications in the plan.  BSA doesn't disagree ... sounds like it is just working through proper language.

Judge never entered in order (That she recalls) that assigns a contract & also by the way here is a bunch of stuff about it.  Basically, she wants to say the trust is assigned the rights.  She is concerned there is professions touching on post assignment and she doesn't do that.  If there are issues with insurance honoring their contract ... take it to state court.  Judge is working through this out loud as there could be some mechanics about payment of claims.  

I don't see this as a roadblock, more like a speed bump.  She doesn't seem to agree with how it is written today.  4:30 eastern ... still hopeful arguments close today.

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