There is no question the liquidation was brutal to everyone involved, but it isn't so unusual for a "pennies on the dollar" transaction in bankruptcies. The plant lost money each and every year of its operations, the deficit funded through debt and stock sales. It was a money pit, and nobody was going to stick their neck out and make a huge, risky investment.
Those other prospects withdrew their bids, and there isn't a chance in hades that the secured creditors would allow any malfeasance on the part of either PWC or the company's board of directors when it comes to them "ruining" those bids. That's absurd, with $40M on the line, if they could show that malfeasance, they'd have a solid lawsuit against PWC and they have really good lawyers.
Even those bids wouldn't have paid the shareholders a red cent, by the way. They may have paid the secured debt, but still wouldn't cover the unsecured.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
