Agreed, thanks for posting that section Ed.

The judge really wanted to test that guy - it's amazing how incompetent an "executive director" of Morgan Stanley sounded. He blamed everything on "junior staff" and sounded like he had no idea what he was saying. Apparently, Morgan Stanley adjusted the risk free rate for no good reason, which makes very little sense in valuation circles. It's also funny that Morgan Stanley based much of their valuation on the Jeffries analyst reports from a year ago... Earlier in the proceedings, a representative from Jeffries referred to those reports as "irrelevant."

By the way, ibas paid Jeffries $2.5 mm...