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by randomfool
552 days ago
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The actual issue is that the winning bid was $7m- $1.75m cash + $5.25m in debt forgiveness. The question is whether that bid is higher than the competing $3.5m all-cash bid. That $5.25m debt forgiveness would have to be valued at $1.75m or more for the winning bid to actually be higher, but if other creditors are assuming that they will have losses of higher than 66% then the $3.5m all-cash bid would actually be better for other creditors. |
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