RE:RE:RE:The Smackdown
pennywyse2, I have, in fact, bothered to read the entire document, and yes, I do understand the what undersecured means. It means that the creditors lent x dollars, secured against equipment, but now that they are being paid by sale of that equipment - sale to themselves - they feel that the buyer (them) will only pay the seller (also them) far, far less than market rate, and so they need to be made whole out of shareholder equity. All of it, apparently. This, I believe, was rather our point.
As for the promise to solicit bids, you'll notice he adds that only after a statement that only a lender credit bid is anticipated as being necessary just now. Because, of course, none of the above is possible if multiple third-party bids are encouraged. Or even allowed. We'd settle for that!
Last call for comments, before I send this puppy off.