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Calling for quick liquidation of bad loans, he added: "It is hard to overestimate the positive economic effects of resolving uncertainty".
Net quick liquidation value (current assets minus total liabilities) is 59% of market cap; break-up value (net quick liquidation value plus net fixed assets) is $1.6 billion.
Separately, a bankruptcy judge canceled a collective bargaining agreement between US Airways and its machinists union, providing hundreds of millions of dollars in annual savings that the airline says will prevent the need for a quick liquidation.
This scenario could force quick liquidation of some positions.
If the state got a hold of them, city officials fear quick liquidation.
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It is less ruthless than Britain, which is quick to force firms into liquidation, but less indulgent than France, which has a "huge bias" towards propping up zombie firms on the assumption that this will save jobs, says Michelle White, a bankruptcy expert at the University of California, San Diego.
In addition to national and regional auction houses, there are estate liquidation firms that specialize in quick turnarounds.
They often advocate a quick sale of the firm as a going concern, or liquidation of its assets, followed by a structured dismissal of the case, giving all of the value to the secured lender.
So in a world of more quick flips, we need to increase the size of options pools, eliminate liquidation preferences – which just get picked up in subsequent rounds of financing by new investors, who screw the old ones — and provide better acceleration for everyone.
American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.
Chrysler could face liquidation if its deal with Fiat isn't realised, while GM's bankrtupcy would be "quick and surgical" and designed to return the company to profitable operation.
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CEO of Professional Science Editing for Scientists @ prosciediting.com