Maury Brown has an in-depth analysis up on yesterday's ruling from the bankruptcy court, which includes a mea culpa vis-a-vis yesterday's initial "this is good news for the creditors" reaction. As Brown explains:
The document, complex, deft, and heavily focused on nuance, needed an extensive going over. Here’s expanded analysis that shows, if the Greenberg/Ryan group’s legal team can weave its way through the technicalities, and the independent restructuring officer clears Tom Hicks’ approval process of the group, the creditors of the Rangers will have virtually no leg to stand on via appeal, should Lynn approve the prepackaged plan.