Southwest submits $170 mln binding bid for Frontier. Interesting to me mostly for the value offered to unsecured creditors. Noted here for future reference.
Southwest officials said their deal would give unsecured creditors 12 cents on the dollar, higher than the 8.7 cents per dollar outlined in a bid by Republic.
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Yep, a lot of the failed financial company investors have made out like bandits by comparison. That’s what bothers me most about the bailouts. Moral hazard is too light a term to describe it. “Protecting idiocy from itself” seems to fit better.