Absolutely not debating that SunEd had a lack of liquidity that cascaded into development issues and being able to execute. That's for sure. Just saying that the liquidity issues didn't have to make the company insolvent, and that other solutions were (could still be) possible. But secured creditors saw an opportunity to profit, and set themselves up. Yeah the cake is partially baked (I would say, you'd say fully baked I guess) but that doesn't mean it can't be arranged and designed differently to make the end result much better for everyone (at the expense of over 100% recoveries for the DIP rollup class anyway). Some ingredients were left unused IMO that can still be added. At least I think so based on the Objections to the Disclosure Statement and to what extent they seemed valid to me.
Again, maybe I'm wrong but I feel good about doubting Parkhill and Dubel, and about rooting for AQR and the others, including shareholders, who aren't all speculators from what I could tell. Yeah I know social media has wreaked havoc on more things than just investing, but i'm not wishing ruin on people who were suckered into voting a certain way because they got stuck in their stupid-bubbles either, be it suned or public office. Happy to just see the system move towards correction, and in the end, that has a chance of happening here. Or at least those who got burned won't make the same mistake again. I'm sure there'll be lots of reflection on that in the coming years.
