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Judge Rhodes to Rule Today on Swap Agreement
Betting Judge Rhodes approves swap settlement today at 2pm. The City got reduction in settlement amount that Judge Rhodes requested they get. Judge Rhodes appointed mediator, Judge Rosen, has approved new settlement. It seems City has accomplished what Judge Rhodes requested for approval. Can’t see him now not approving. What is interesting is whether the merits of litigating the swap holders’ claim have been properly analyzed. I still don’t see the rush to settle this in light of the massive amount of other claims and the proposed use of the proceeds from the savings and casino revenues. It seems this settlement does almost nothing for the other creditors.