Thames Water - comment

The fact that the company continues to drive their agreement under the Class A Proposal is a slight setback to the Class Bs, all the more since the A-Proposal now seems to have enough backing to prevent the B-Proposal from building a formal blocking minority. 

We are wondering, however, if it is wise to enter court without a prior resolution between the two sides. The cheaper B-Proposal will have the moral high ground and will provide the background as relevant alternative. That said, if a deal needs to be struck at the 11th hour and the parties locked up behind the A-Proposal block it, then the time pressure could work in the A-Proposal’s favour eventually. Ourselves, we’d imagine the judge would be very unhappy about being bullied in this way and would seek a compromise even before entering the courtroom.