Current Assets was valued at 1200 mil in June 08, assuming that the value dropped 20%, 1200 x 0.8 = 960 mil
Administrator cost of 100 mil, 960 - 100 = 860
Current Debt is 700 mil, 860 – 700 = 160 mil
There is currently 3.5 mil notes outstanding, hence each note should get around $45 each.. and they were sold for $5 each on Friday. Regardless, there is no residual left for shareholders. However noteholders are safe if indeed allco has been liquidated.
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