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Genuinely curios, what type of assets can only be liquidated 33 cents on the dollar?

And what is the likelyhood Melvin had such a significant proportion of their portfolio in such assets?

Junk bonds. Packages containing failed/failing mortgages. Unsecured medical debt.

Good grief, can you imagine trying to sleep at night with a portfolio of unsecured medical debt? "Pay me for your cancer treatment!"

If you want to feel good, buy it for pennies and then forgive it. 100$ to you can be several thousand to someone owing the debt.

You can do exactly this through: https://ripmedicaldebt.org

This would be a good NFP strategy until US gets universal healthcare

@hanklazard best me to it

Could you in theory buy your own debt?

Yes. Or just negotiate it with the current holder, knowing what it goes for on the market.

The type of assets that you need to sell in the next hour, of such a magnitude that there are only a few buyers.