A Hong Kong court ordered the liquidation of China Evergrande, the world’s most indebted property developer.
Evergrande has assets of about $245 billion, but owes about $300 billion.
Its demise is a “controlled collapse,” but still raises systemic risk and will hurt investors, says an analyst.
Fiduciary responsibility. Shareholders/investors can, have, and will, sue.
That’s where the primary focus is supposed to lie. Legally anyway.
If selling all the assets and firing all the people could increase the share price for a quarter, they’ll do it.