Amfil Technologies Inc (FUNN)

[shajandr]

Q: What financial condition must a borrower be in for a bank to accept 29 cents on the Dollar to repay a loan?

$401,628.78 RBC (Royal Bank of Canada) negotiated debt extinguishment which includes mutual release of any and all future obligations at a cost of $119,000.00

A: In pre-bankruptcy.

A borrower must be desperately and provably INSOLVENT for a merchant bank to take such a loss on a loan. Try asking your bank or credit card company to take 29 cents on the Dollar to forgive your mortgage or credit card loans.

See, In re: Bed Bath & Beyond, First Republic Bank, SIRC, etc.

Chapters 7 and 11 in The Pre-Bankruptcy Playbook (2nd Ed.)