Let me tell you a little secret about a bankruptcy liquidation.
If the assets had enough value in a distressed sale (which a liquidation is) so that ALL creditors (secured and unsecured) could be paid off AND any Preferred Equity paid off such that ANYTHING was left for the common equity...
...there would not be a bankruptcy liquidation happening.
Doesn't really matter how much the bid was. It wasn't sufficient to pay all the creditors, which is all that matters from a common shareholder perspective.
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