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Yep, you’ve caught the essence of the difference. And yep, I agree - without the debt, and without the current mgt, there’s a kernel of a decent business in there somewhere.

Very, very unlikely. They went into compulsory liquidation, not an administration. This means that they’ve ceased trading entirely. It’s just possible that small parts of the business may be bought, but even that’s unlikely - a purchaser would have to move very swiftly (within about 24-48...

I found one up in the mountains West of Colter a couple of weeks ago. Proper sad he was too.