Ann: Shareholder Update, page-46

It's irrelevant what they pay for it, as they are also the largest secured creditor. So whatever they pay for it, comes straight back to pay down their debt. The bid just needs to be higher than any other bids, so that they can 'win' it. The transaction is actually cash neutral for them. The only cost for them is whatever they agreed to buy the debt from FC for, which would have been significantly less than the actual book value I'm sure.