It’s time for bondholders to learn how to fight
Institutions need to routinely refuse debt-settlement offers and simply take companies to court, expose them and have them liquidated or auctioned off as going concerns.
Imagine the following: You’ve just returned from vacationing abroad and find a vicious-looking squatter in your bedroom who shows no intention of leaving. Obviously you ask him to leave your house immediately, but he counters: “This room’s mine now, so fugetaboutit. If you want the rest of the house, let’s talk. I’m willing to consider your needs, but I also have my own conditions. Anyhow, if you refuse and go to the police, the whole house will probably go up in flames.”