The not so fair Fairfax deal....
I probably don't know enough about commercial paper to be even threatening, let alone dangerous, so if this thought seems outlandish or naive, cut me some slack.
The question has to do with the timing of the issuance of the paper Fairfax holds, particularly the notes that are convertible to common shares. Is it possible that their investment was set up knowing that they could drive the company into BK and then reap the rewards - as opposed to an arms length deal to make a decent return on an investment? And if so, how discoverable would those facts be? Of course I'm assuming such activity would not be frowned on by the SEC - or then again maybe not if they can figure out how to get away with it.
The only reason I'm asking is I worked for a homebuilder in south Florida that was driven into Ch. 11 and I was close enough to the corporate office to know about some of the BS stuff that happened to allow the bums that drove the company into the ground to line their pockets.
