Marblehead,
Re your conclusion:
... certainly, the security package for the corporate debt facility may well be somewhat limited (ie,. Woodlawn and the excluded cash of $97m aren't covered by the security), but the corporate guarantee is completely unlimited, and therefore sinks the ship when the balloon goes up.
I don't understand your conclusion. The guarantee does not change the fact that the assets are unencumbered. A guarantee without security is fairly toothless. There is nothing the lenders can do to get their hands on those assets, which are owned by shareholders.
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