What is the major flaw with his thinking

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Question: The owner of a business faces foreclosure and auction of his property if the bank loan if not paid-out to be the end of December. The owner gets an appraisal undertaken (without advising the appraiser of the crisis he faces) that shows the market value is $2,000,000. The loan is $1,800,000. The owner feels that this is a good position and that the bank should be paid out fully. What is the major flaw with his thinking?

Reference no: EM133345990

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