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Like Everyone Else, RadioShack’s Creditors Are Mystified By Its Longevity

One of the great mysteries of the universe.
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Those owed money by the en-route-to-defunct retailer, especially those of the unsecured variety, want to know how it is that the relic they were lending to kept it going for so long. Specifically, for long enough for “savior” Standard General and its hedge-fund buddies to see their swaps pay off while burning off creditor cash.

Unsecured creditors counter that RadioShack, bleeding lots of red ink, would have had far more assets to reorganize if it had filed for Chapter 11 last year — a tough decision that was being mulled by the retailer’s advisers before Standard General became involved.

“Shareholders would have been wiped out, but losses would have been stemmed, jobs would have been saved, and unsecured creditors would have had a recovery,” the suit claims.

Creditors want hedge funds probed in RadioShack’s fall [N.Y. Post]


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