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Authored by: Anonymous on Wednesday, September 26 2012 @ 07:10 AM EDT |
Yeah, in the case of a default on the loan, they get everything except the
litigation. But in the mean time the chapter 11 trustee convinced the bankruptcy
judge to let him sell off the only other real asset, which was what was left of
the UNIX business, "free and clear". So there is absolutely nothing
left to secure that loan.[ Reply to This | Parent | # ]
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Authored by: Steve Martin on Wednesday, September 26 2012 @ 07:36 AM EDT |
"Secured" meaning they were promised some
(worthless) assets
if the loan defaulted, right?
The details of the loan
and the assets on which there was
a lien are here. Basically,
the litigation was excluded
from the secured assets, but nothing else. (Of
course, what
else is left now?) And according to the amendment to the
agreement resulting from the July 25, 2011
settlement
between Judge Cahn and the lenders, the payback of the loan
and
associated fees would be payable only from the proceeds
from the litigation. So
unless and until the IBM case ramps
up and TSG Group wins something from IBM,
they are off the
hook.
--- "When I say something, I put my name next
to it." -- Isaac Jaffe, "Sports Night" [ Reply to This | Parent | # ]
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- Secured - Authored by: stegu on Wednesday, September 26 2012 @ 08:06 AM EDT
- Unsecured - Authored by: Anonymous on Wednesday, September 26 2012 @ 03:15 PM EDT
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Authored by: Anonymous on Thursday, September 27 2012 @ 05:32 PM EDT |
[ Reply to This | Parent | # ]
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