well, I just looked for a half hour or so, not thorough by any respect, but I had read it all before at least once.
I don't pretend to be an outstanding analyst or portfolio manager, but I do read and think some.
Here is what I see:
The new debt is secured by cc receivables and inventory.
Real estate and brands (where anyone has suggested the value lies) are seemingly unencumbered by the new issuance, which is seemingly high in the capital order.
So, if the Big BK happens, as the short side swears will happen anywhere from three years ago to within the next two years...
Not only does it appear that the debt is more than covered by hard assets, never mind the "intangibles" (which has been my loose calculation since 2006, though it has grown thinner recently.)
but if it is not, the debt holders have no legal claim on the other assets.
Now tearing apart the details of the guarantor/non-guarantors is beyond me.
I'm interested to follow this thread.
