Brent has left PWCC

[JustinD]

Originally Posted by glynparson

He didn’t walk away with nothing if fanatics took up any debts pwcc had. I have heard everything Peter posted is true. If he had let it go under he’d have lost more than selling it for a buck and having them assume all debts. It’s not the first time a deal like this has taken place in this hobby. One of the boards favorite conpanies was acquired in a similar fashion. Letting it go under would have cost him more than he could lose from everything I hear from people that know the principles and are familiar with the deal. I don’t know if it’s true for sure but it is absolutely what I have heard.

You hit it on the head.

If he sold it for dollar but had all liabilities assumed, he honestly made out like a bandit. The outstanding loan catalog can easily be imagined to be in the realm of 8 to 9 figures at the speed they were moving. The original financing approved was for 175 million. Who knows the default percentage both current and future of that idea with current devaluation of collateral. If the devalued assets are the written collateral, it would completely make sense to walk from those debts.

https://sportscollectorsdigest.com/n...it-175-million

If they had moved to any bankruptcy, additional lawsuits to protect personal property outside the business LLC from creditors would have cost a ton to litigate...win or lose. The financing aspect would not include the additional civil possibilities for any other scandal if it should surface either.

Thinking he got a big payday seems illogical. Thinking he received an incredible super-sized life preserver would be logical and one hell of a win.