They took it down 8% and the conference call was a joke.
I'm guessing they didn't factor in the value of the unsecured bonds by taking the position that the bond price decline was temporary in nature and not reflective of actual claim value. That sort of argument runs all through the Article 78 proceeding. The more time that goes on where the value does not recover the weaker the argument becomes. Now maybe they have some argument that hasn't hit the public domain yet that I am not anticipating. In other words I'm just guessing but I can guarantee you that they did not actually address it in the conference call even if they did talk about it.