The take: a few dozen Spanish doubloons and lots of fascinating, but essentially valueless, maritime esoterica.
They then adjust for the fact most bonds do not become entirely valueless in default.
For him the lack of video, photographs and inventory rendered the exercise valueless.
Those banks of massive lasers to fry the incoming alien ships would be entirely valueless given that there are no aliens.
Meanwhile, plummeting costs for production and distribution have left recordings virtually valueless.
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But what about all the cash bonuses and stock that had already been paid out for illusory earnings and revenues based on valueless investments?
Theory is splendid but until put into practice, it is valueless.
The argument that Paulson was deliberately putting in securities that he thought were valueless makes no sense because, of course, that's why he was betting against them.
If they debase their currency, it will ultimately become valueless.
But the source is too much valueless government expenditure.
Meanwhile, he and his son were looting Ultimate Holdings by taking distributions from a company which had no real assets, since the GENI stock was effectively valueless but the margin loans against the stock were still outstanding.
According to the opinion, one of the general partners almost immediately started to embezzle money from the partnership, and thereafter engaged in self-dealing such that the partnership became valueless right before limited partnerships were sold to investors.
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