I assume what’s worse with the 300M scenario is that he still owes the other parties the 1.5B. Since the collateral is now gone, those parties will immediately demand full payment. So he’ll be forced to sell other properties to pay those debts, and it’s a cascade of a whole other set dominos of fire sales.
It should go something like forced sale, closing debts as those parties have nothing to do with it, balance to the state… Rinse and repeat until it adds up to enough.
I assume what’s worse with the 300M scenario is that he still owes the other parties the 1.5B. Since the collateral is now gone, those parties will immediately demand full payment. So he’ll be forced to sell other properties to pay those debts, and it’s a cascade of a whole other set dominos of fire sales.
The dominos will fall like a house of cards, checkmate
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It should go something like forced sale, closing debts as those parties have nothing to do with it, balance to the state… Rinse and repeat until it adds up to enough.
I sure hope all this stress combined with a diet of big macs and snorting Adderall doesn’t give him a fatal heart attack (•_•)