Yes, although isn't that partly because ITFC was worth bog all?

I was actually surprised in that deal that the pension fund didn't acquire the debt. I assume they would as it provides an easy way to extract cash in the future, I guess they're looking to generate value by a future sale instead.

Anyway, if the debt is worth pennies in the pound, the equity must be worth even less, mustn't it? I agree he wouldn't hold the debt as a non-owner.

Posted By: SimonOTBC, Jan 21, 13:57:27