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even if the loan/bond is secured on the equivalent value in assets
Which likely already have loans / other obligations liens against them that have more seniority.
So he has to sell
Which, arguably, he can't do without paying back loans, or that he doesn't actually own the assets in the first place - he just has his name above the door.
I did wonder if it was a risk thing, given that he's not renowned for paying debts at the best of times. But surely you take a charge over some assets and lend the money? Would a president be able to block that? Or is it the ensuing fallout that means it's not worth it?