Plausible? Not in the slightest...
There were 74 companies solicited in both the SISP and liquidation. No bids on the SISP whatsoever, 11 bids on the liquidation, but only 2 of those were for all 3 lots of assets.
The secured creditors owed $40M watched both processes, pretty sure they'd be able to sniff out the sort of fraud you're proposing.
Not a chance all those companies and creditors got hoodwinked.
The plant was a money pit and sold on the cheap.
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.