It's simple, no? If the principle is that "the shareholders are right to gamble as long as they can", then when they lose, they LOSE. Existing shareholders get nothing, assets transferred to new owners. He tries to wiggle out of this with "I don't know about fairness" but, WTF?!
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Forget fairness, it's about skin in the game. The game only works if people follow the rules. And one of the rules is that when your bets go against you, you lose.
End of conversation
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