Why would PP pay money for the ETD business (and/or forgive all of the debt to them) when they can own it outright by calling in the loans(possibly--I think BAM is part of PP)? What is the advantage to them to hang onto it, presumably to sell it sometime later down the road? How much would they creatively value it for? Doesn't PP need liquidity? Since PP needs real money and not creative accounting, where is that real money going to come from?
If it is going to be sold 'internally' why hasn't it already happened? What's the purpose in talking about tender offers that can change the price and 2 to 10 bidders, and setting the purchase price of Zapata and new conversion and warrant prices for PP to .19 'based on the estimated proceeds from the bids under consideration'? If the price of Zapata is settled and the sale is virtually a lock because PP has basically decided to creatively 'buy' the ETD, what's the holdup?
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