General Discussion, page-49

@Clybigz I don't think that's the way to look at it; you can't confuse what the company (equity) is valued at, with what the actual company assets are valued at. The equity is massively marked down because in the event of any default, shareholders are bottom of the pile... that's the equity risk.

So, yes: the market cap (equity) is mostly* irrelevant to Taurus in this situation. The security for their debt is the company's assets, which are worth way more than the $77M Taurus might miss out on (Bowen said in a recent investor presentation that infrastructure was worth >$500M).

*except insofar as it limits BCB's ability to raise capital, and therefore service the debt