capital is a discovery/search process let us posit the existence of a possible systemic failure to capture certain kinds of opportunities is there reason to believe we are aware of a system that would have fewer such failure modes or that they would be less severe?
original owner can't get loan. instead, find's a buyer, sells the whole business. new owner comes in and takes over, makes a few cosmetic changes but mostly runs the shop as is. 2 months later rough patch ends, store becomes profitable again.
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a relatively small loan would have kept the original owner in place. the sale to new owner was at a distressed price (for obvious reasons) and original owner would have been better off with a loan if it had been available.
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under normal circumstances he might have been able to get a loan. this all went down in 2009 when the credit market was dry and tight so for reasons having nothing much to do with the business itself he kinda got a raw deal.
End of conversation
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