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Re: oich post# 556

Friday, 05/26/2017 12:53:42 PM

Friday, May 26, 2017 12:53:42 PM

Post# of 667
If you look at asset class you'd see tons of value. Inventory was $100 Million, Receivables was $31 Million, Credit cards was $13 million, Real property of about$70 Million, tax believe about $5 Million and others of about $3 Million. For the inventory which is usually the troubled one, I discounted 30 percent. Bear in mind that they did $93 million in sales in March so the inventory was essentially a one month sale for them. They had two months April and May. That is why you didn't see bid sale deals until just two weeks ago when they have done most of the selling. Now, for the other assets, they are mostly recoverable. But even when you take the NUCLEAR OPTION and discount 30 percent on the $230 Million of assets, you still have over $50 Million assets over approvable liabilities. Two more thing, if you followed the docket, they have assigned some of the lease covered in our numbers so the 15 percent won't even apply to all numbers. Further, some of the liabilities that we are accounting for are covered by executory contracts which they have been terminating. So, I'm the end the liabilities would drop radically. And I am supported further by the fact that in the last reported earnings they only listed $30 Million of debt. The RR on that trade is enormous and I AM IN. Good luck again to all.

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