CompuServe Messages

David, Regardless of what happens, NO ONE was going to purchase Commodore. They would have to assume >$300M of debt. Would YOU pay for the previledge of assuming that type of debt? Now, if that debt has been legally washed clean, LOTS of folks are all of a sudden REAL interested. That's what you get thru a liquidation procedure. The assets are sold, the proceeds go to the creditors (remember, Gould himself is a major creditor). If it is only 10c on the dollar, that's too bad for the creditors — the debt slate is wiped clean. Now, my _personal_ opinion, based on NOTHING but the residue of the stuff I did inhale back in the 60's … The liquidation of CEL is _voluntary_. The assets of CIL were turned over to (as of yet) unnamed "trustees". The resolution of the issue will take place in a Bahamian court (their Supreme Court) … this will not be the type of resolution you'd expect under US law. My feeling is that whatever is going to happen was resolved days/weeks ago. If there is to be a buyer the deals have been cut. The purchase will come free from debt and things will continue. I've got a strong suspicion that Irving Gould will come out of this very nicely … with cash and/or control of the new entity. Again, that opinion is based upon nothing but untimely flashbacks.