It’s not future payments promised. Just a division of who to split the proceeds with. And so for the typical creditor who didn’t credit bid, The Onion’s bid was worth the equivalent of a $7 million cash bid, and therefore was more valuable than the Jones affiliates’ $3.5 million cash bid.
It’s just math. The Onion bid was higher, and the judge said that the losing bid should’ve been given an opportunity to improve the bid to get a chance to win, and maybe raise even more money.
Murray valued it at that amount, it didn’t have that real value. Even future payments were a percentage of profits and but not guaranteed.
That equivalence is only theoretical, not real. If you think they can write "it’s 7 million but I let you hav 5.75, then we can have the bid at 99 trillions! Why not? They can just say they only Want 1.25.
It’s not future payments promised. Just a division of who to split the proceeds with. And so for the typical creditor who didn’t credit bid, The Onion’s bid was worth the equivalent of a $7 million cash bid, and therefore was more valuable than the Jones affiliates’ $3.5 million cash bid.
It’s just math. The Onion bid was higher, and the judge said that the losing bid should’ve been given an opportunity to improve the bid to get a chance to win, and maybe raise even more money.
Murray valued it at that amount, it didn’t have that real value. Even future payments were a percentage of profits and but not guaranteed.
That equivalence is only theoretical, not real. If you think they can write "it’s 7 million but I let you hav 5.75, then we can have the bid at 99 trillions! Why not? They can just say they only Want 1.25.