editorial: `If this case could be more spectacularly botched -- in both jurisdictions -- it's hard to imagine how.' *** `Massachusetts regulators now have a chance to redeem themselves by aggressively working to regain control over the EMLICO estate. That end will be difficult to achieve, though, without the cooperation of Bermuda authorities, and that cooperation sadly appears unlikely if Bermuda's current attitude is any indication' *** `From the start of this affair, the Bermuda government has pointedly sat on the sidelines, insisting it was aware of the risk of EMLICO's insolvency when it admitted the company and that alleged misrepresentations to US regulators are not its problem.' *** `If and when Commissioner Ruthardt goes to court in Bermuda to halt the liquidation, the government there should support her. So far, though, it has shown no sign of doing any of this.' *** `If they act properly, Massachusetts and Bermuda regulators can still untangle the EMLICO mess and return the company for liquidation in Massachusetts, where it belongs. In doing so, they would move a long way toward restoring their own credibility.'