norton brothers bailing

Now, both Norton brothers have sold shares in the past couple of weeks. One sold 10m, the other 5m.

Be careful here, people. The issue of the outstanding Lehman hedge is a simmering pot. From what I've been reading, the judge in the Lehman case has just been rubber-stamping anything the bankruptcy trustees want to do, so far.

Whereas I initially thought the contract protected NGF very well, the way US bankruptcy courts can (and do) just arbitrarily ignore and modify contract terms is just as corrupt as everything else which goes on in New York and Washington, these days.

I believe there are more hearings scheduled for 3 June, although I'm not sure whether NGF's case is up for mention then.

The best chance NGF has is that there are some very powerful players who are in almost exactly the same boat (Bank of New York Mellon, comes to mind), so there are powerful interests on both sides of the aisle.