Things are getting ugly as one over indebted fv#k tries to dump his problems on the next sucker down the line. Someone obviously needed these non-producing assets off their balance sheet pronto lest the debt payments drag them under in the absence of cash flow from them.
It will be interesting to see if the insurance company comes out swinging on this. My bet is, "heck yes". This is way too timely, way too convenient to be an accident. Someone needed a fire sale and this is all they could come up with. By setting these cars on fire, someone is trying to force the insurance industry to buy them.
Wednesday, April 8, 2020
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