You’ve said that the Jones-affiliated bid was higher, which is incorrect. The Onion’s $7 million bid was higher, which is why the bankruptcy judge said that the other bidder should’ve been given an opportunity to improve its bid.
You’ve said that the $7 million valuation wasn’t based on anything. It’s a straightforward formula for determining the value when to reduce the claims of the creditors who wanted to credit bid.
You’ve said that the $7 million valuation was made up based on estimates of future cash flows. Future payments have nothing to do with the bid, and weren’t used in the formula to calculate the value at $7 million. That value is how much this bid brings to the estate immediately.
You’re the one getting facts wrong!
You’ve said that the Jones-affiliated bid was higher, which is incorrect. The Onion’s $7 million bid was higher, which is why the bankruptcy judge said that the other bidder should’ve been given an opportunity to improve its bid.
You’ve said that the $7 million valuation wasn’t based on anything. It’s a straightforward formula for determining the value when to reduce the claims of the creditors who wanted to credit bid.
You’ve said that the $7 million valuation was made up based on estimates of future cash flows. Future payments have nothing to do with the bid, and weren’t used in the formula to calculate the value at $7 million. That value is how much this bid brings to the estate immediately.