- Nov 25, 2014
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Sorry? How?
Not particularly baffling is it? It's either no-one wants to buy them or we'll make a loss on them that precludes any further business being possible.
In the same way I could sell my flat for 10p tomorrow, means I can't afford to buy a new house though.
The loss is there whether we realize it or not, it's a pretty classic sunk cost fallacy. Levy might have bet on their value to rise through loans or the market going up, but it's a gamble on top of a gamble. And one he's lost not once, but multiple times through the last few years.