Serepisos is a braggart and funded the Phoenix - with other people's money - for the sake of his ego.
I was under the impression it was largely his own money. The money he owes to banks and finance companies is largely made up of loans secured against assets. Loans made as business decisions. I'm sure there will be some creditors who dont get everything they are entitled to but in the most part they should come out nearly even. I don't really know the ins and outs of Terrys business but you are making this out to be a case like Hubbard blowing $1 billion investors money down the toilet, before being bailed by the government.
edit and by government I mean taxpayer.
rjmiller2011-09-26 16:29:35