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Why don't they renegotiate that debt? Who pays 20%? Here, guys, buy 10% of this bank: Anchor BanCorp Wisconsin Inc. ABCW for 1.6m and get a seat on the board. Refinance 5m of the debt using your best assets and threaten to declare bankruptcy if the other lender doesn't take secondary. Force them to reduce your interest in exchange for 1m preferred. Sell 9% of yourselves to a Chinese bank and ask them for a loan at reasonable terms. There are a million ways to do it.
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