Re: Piney: How is this a bad move?
To your first question, I think they listed as collateral that which had value.
As for assets deriving from the old Bermuda subsidiary, as I recall at the time, Burger had done a deal with a street vendor that hung around outside our doorway down dere who was selling "Esso Burgers." (And I think he changed it to Exxon Burgers afterwards). And in exchange for letting him hang out outside our doorway, he supplied our "doorman" lunch every day.
I'm pretty sure that that was the only real business dealings we had going on "down dere" in those days.