| No, you are mistaken. They are both in the same boat. Perhaps I should say neither of them are in the boat. In the boat we have the Debtor, the DIP, the senior secured creditors and the United States of America. The Clipper ORRI holders are almost ready to climb on board, but still want to see confirmation of their cabin accommodations. There is no room on the boat for unsecured creditors and the second lien, and of course the equity never had boarding passes in the first place. The judge may sympathize with them, as he sympathizes with Anadarko, but it won't make the slightest difference to his decision. It remains to be seen whether the boat will be departing today, though. I's still to dot and T's to cross, and all that, but the momentum is there, so it's basically a done deal now. |
