Monday, October 21, 2013

Gilbert Samberg: "Suntech is in a very difficult commercial position"

This was from the hearing in front of Judge Patterson on September 12, 2013

THE COURT: I am having trouble with this whole argument, Mr. Samberg. You came in here, and you handed me up these news articles. These news articles are dated after this case had been fully submitted to the Court. In the meantime, these people brought this action in early May or June, and no word from anyone from, as I understand it, from anyone at Suntech. At all. They completely disregarded them if they had any negotiations going on. [...]

THE COURT: The question is whether you are grasping at straws.
MR. SAMBERG: Well, your Honor, these are very real questions at the moment in terms of whether Suntech is gonna be put in an untenable position, and that these issues can be resolved very --
THE COURT: They are in an untenable position right now. They have been in an untenable position since March.
MR. SAMBERG: Your Honor is correct, that Suntech is in a very --
THE COURT: We're talking 6 months.
MR. SAMBERG: -- is in a very difficult commercial position. I cannot disagree with you with regard to that.


Adam Block said...

THE COURT: You know, I knew Mr. Mintz.19

MR. SAMBERG: Pardon me?20

THE COURT: I knew Mr. Mintz. And he was a man of21high character. I don't think he would engage in this kind of22a -- of a defense.23

MR. SAMBERG: Well, your Honor, I -- I hope that24Mr. Mintz --25

THE COURT: I really don't think he would be asking for these authentications, when you have letters dated in2August, CEDE & CO. to Ameritrade, and copy to you --3

MR. SAMBERG: Your Honor, I -- if I may, I would like4to --5

THE COURT: -- and, you know --6

MR. SAMBERG: -- address those letters.7

THE COURT: -- all providing you with the information.8And, Ameritrade --9

MR. SAMBERG: Your Honor, if I may. On the one hand,10I would say I would hope that Mr. Mintz, Richard Mintz, his11father, any of them, would have made a full and vigorous12defense of his client, as I am --13

THE COURT: He would, but --14

MR. SAMBERG: -- endeavoring to do for mine.15

THE COURT: -- but this is what lawyers get a bad16reputation for.

Anonymous said...

Appears to be business as usual for Suntech.

New PR on Monday morning, a booth at the Solar Power International (SPI) Exhibition in Chicago, Illinois.

Does not look like a company that is worried about BK at all

Anonymous said...

They may not care about their obligations, but their obligations care about them.

Anonymous said...

Mack: Shame what this town's come to.

Charley Waite: You could do something about it.

Mack: What? We're freighters. Ralph here's a shopkeeper.

Charley Waite: You're men, ain't you?

Mack: I didn't raise my boys just to see 'em killed.

Charley Waite: Well you may not know this, but there's things that gnaw at a man worse than dying.

Anonymous said...

"So, faced with now come to the lawsuit, Suntech exactly how to deal with? Since the prosecution is only worth $ 580,000 holders of bonds Suntech Suntech is likely to seek to honor this debt to bondholders withdrawal, thus avoiding the risk of being forced bankruptcy. But if once there is a precedent, other creditors may have to emulate the United States, by forcing bankruptcy proceedings to force the debt in full as soon as Suntech, so that the latter is struggling to parry into the dilemma."

Has STP contacted Trondheim about paying them at par plus some sweetener? Would Trondheim accept?