how do you figure that one out? csi gets as many assets as he likes at whatever discount he likes.
after csi does that, the banks are in a significantly worse position and have less assets securing their debt.
the $600mil cash injection doesnt cancel that fact out.
if banks try to sell remaining assets, they will not recieve book value. BBI couldnt sell at book and now the CSI is paying under book, but somehow you think bank will achieve book or better.
the banks are likely to vote against this deal. they can block any asset sale because they have debt secured against it.
banks will either opt for VA or extend for things to improve.
BBI Price at posting:
5.4¢ Sentiment: None Disclosure: Not Held
