As I responded to you previously
debt owed is an asset of the lender. If the lender goes bankrupt, it's assets are sold. The buyer will buy it for less than he thinks he can collect from you. And then he'll enforce the terms of the agreement.
If the bank that wrote your mortgage goes belly up, you don't get a free house. Someone will buy the remaining assets of the bank at a discount. One of those assets is your mortgage. Doesn't matter if you are current or in default. The buyer will pay what he thinks he can get from you and still make a profit. So you will end up with a collector for whom litigation with you may be cost effective since he likely didn't pay full face value for your loan. If he paid $5 grand for your hundred grand note, he has a heckuva lot of wiggle room in terms of pursuing your collection profitably.
How does that apply to NIR? At some point PWC will have got all the low hanging fruit. They'll wrap up the case and sell a package of the remaining notes. Say there are $50 million face value and they obviously are all in default. Someone may buy them for a half million. maybe more. maybe less.
Your company will owe the buyer. your $10 million loan is now in a package that he bought for a half million.
Lot of incentive for him to work the loan
I'm sorry you don't like the answer, but you don't get a free pass because NIR is a skank. The notes are rock solid and have been litigated with 100% success in New York Supreme court. Ribotsky's home court.
News 
Market Data 
Discover 
AI
