Quote:
Originally Posted by Mutt
what i got out of that disclosure by Penthouse is that the entities to whom Penthouse owes the majority of that 400 plus million in debt to are Lars and Andrew. And they sound like they are pissed off and not willing to negotiate to change any terms. It would seem crazy to sell their company without doing more due diligence but when somebody is offering you 500 million for a company that is nowhere near worth that kind of money it affects your judgement.
If Penthouse defaults on its loans to the previous owners I wonder what happens.
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incorrect. The 400 million was already PAID to lars and andrew, hence the $400 million in debt to other people... You have to raise the money to buy it, when they bought it, lars and andrew got paid. I forget who's $400 mill it is, but it sounded like more traditional banking lenders... who are in no position to be cutting people slack right now..
lars is probably off fishin, or driving his car.