Wells believes a liquidation will recover maximum value. They seem to have forgotten that secured lenders have no rights.
Shockingly, politicians have decided to lean on their newly learned bankruptcy expertize as they opine on Wells Fargo's decision.
U.S. Rep. Phil Hare, a Democrat who represents the district that includes Rock Island, called Wells Fargo's statement "at best cynical and at worst deceitful." The bank misrepresented Emerisque's bid, Hare said.
Illinois Gov. Pat Quinn has said it is "only right and just" that Wells Fargo agree to a sale. Illinois Treasurer Alexi Giannoulias promised to cut off state business with the bank if it liquidates the company.
Right and just, indeed. How dare they decide how to pursue recovery from an asset they de facto control? Evil bastards.
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