I read the case many times, but still not able to understand, how did Drysdale managed to obtain $300 million of unsecured loan from Chase? How many parties are involved in the deal?
Confusing phrases to me are 1) unsecured, but mentioning of collateral with out accrued interest 2) Loan from Chase to Drysdale, but it acted as an agent for its clients. Is it a syndicate loan? Can somebody help with this?
Also I read that the whole $300 million dollars was wiped out and Chase had to absorb the entire loss due to legal terms stated in the agreement. What happened to the recovery from collateral?
Confusing phrases to me are 1) unsecured, but mentioning of collateral with out accrued interest 2) Loan from Chase to Drysdale, but it acted as an agent for its clients. Is it a syndicate loan? Can somebody help with this?
Also I read that the whole $300 million dollars was wiped out and Chase had to absorb the entire loss due to legal terms stated in the agreement. What happened to the recovery from collateral?