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Thanks Joel. Got a look at the actual deed, and turns out my informant missed a step, which was this is a second round of mezzanine financing, with a new lender, so the jump occurred a couple years earlier, so that explains why he doesn't have any cash left over. But I can't imagine assets even close to $10.5 million, and there is no business to take over.

Also saw the man and his wife signed as guarantors for the company. Does that mean they would actually pay from their own money when this goes belly-up? I can't imagine someone less likely to put himself at risk—basic assumption has been put little into company and been skimming lots off.
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