[richardw]

They have many. In a lot of cases the original creator of the company stays on to run it, which would be extremely weird if they were forced into the situation. Why would you force someone into a bad situation and then let them run your newly bought company? It's like kicking them in the knee and then handing them a knife. Why would they take up the offer, except if they thought it was net positive for them? Why do many continue to run the business for many years, rather than cashing out and running?

If you have a distressed company, that's not his fault. You create the situation, he merely offers you one of 100 options, you can choose that one or absolutely any other from the other people knocking on your door, who would presumably pay a premium for the company Buffett has just said is worth the money by virtue of having offered you a price.