"the debt now outweighs what they’re valued at. No lender would...

"the debt now outweighs what they’re valued at. No lender would look at such a scenario and think “that’s no biggie”

No misconstruing here, just reading your posts as they are @Clybigz The only reason Taurus might be concerned about BCB's market cap is for the reason I said earlier - it limits BCB's ability to raise enough capital to continue servicing the debt. Currently Taurus have ~$77M at risk of going unpaid, with (allegedly) >$500M of assets as security if things go badly for BCB. If the equity goes to zero, there's a very high likelihood Taurus will recoup their losses, and then some fat on top. It may actually be the preferred outcome for Taurus at this stage, unless they deem it too difficult to go through a lengthy administration/sale process. The only reason the equity is being smashed down so hard is because shareholders know that if Bowen default, shareholders don't own the assets, the lenders will.

"But to suggest then that they simply wouldn’t care because they can always recoup their debt via the company’s assets is misguided IMO."

This is literally the point of senior secured lending. Literally.