I have to disagree with your stance that self reported asset values and/or intangibles make this a negative outcome.
Firstly you have no proof that there is any unsubstantial value attributed to the assets. Secondly there is no evidence (in the credit market) to suggest that the amount of intangibles as a ratio of Assets has any barring on the quality of the loan.
Finally it does not change the positive D/E position that is referred to by the previous poster.
Ann: Eden Restructures Secured Debt Financing, page-38
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