While I get the whole buyer beware thing, as it's supposed to be consummate investment managers making the decisions, I can't shake the feeling that this whole

While I get the whole buyer beware thing, as it's supposed to be consummate investment managers making the decisions, I can't shake the feeling that this whole thing is shady. Anchorage Capital used a bunch of accounting maneuvers to make the company look stronger than it was in actuality. It's even shadier if you agree with the position that Woolworths wanted out and was willing to take ~60% haircut on $300 million worth of inventory, because then it becomes kind of obvious what Anchorage was going to do all along. I am not sure what is more unsettling. That investment managers didn't realize they were buying a retail company with no inventory and cash flows generated by the liquidation of said inventory, or that a PE company sold what they knew was a stripped down company to the public?