The Missing Piece
So, someone backstop my logic here, and tell me if this means what I think it means.
This list, https://delawarebankruptcy.foxrothschild.com/wp-content/uploads/sites/24/2014/02/Creditor-Matrix.pdf , shows all creditors of the company. For some reason, Walter and his wife Margaret have found their way onto this list. Page 4.
This list, https://delawarebankruptcy.foxrothschild.com/wp-content/uploads/sites/24/2014/02/Tuscany-Petition.pdf , starting on page eight, shows all unsecured creditors owing Tuscany more than $1,500. Walter isn't on it. (Margaret, either)
This would seem to mean one of two things. Either Walter loaned the company a few dozen or few hundred dollars and, being a multi-millionaire, took the time to file his name to reclaim that sum when it's already been declared that unsecured creditors aren't getting anything anyway. Or Walt and Marge have somehow found their way onto the list of Big Boy secured creditors.
Let's go further. Say the purchase price of the assets the creditors receive is exactly the amount of their outstanding debt, as stated in the Restructuring Officer's statement. What are the odds! That would value the assets at about 35% of book. Now let's say that they unload those assets for half of book value, a quite conservative amount considering the M&A activity we've seen in this market. Even at that conservative rate, this means anyone allowed to loan secured funds to the company in December (Wally?) would realize a 43% profit on whatever amount they were allowed to loan.
I'm curious if I've gone off the rails anywhere in my logic. Please let me know.