If you're talking to me or reading my comment then you should care what I mean. Otherwise you're wasting your time.

Obviously "loosely speaking" is not a legal term but I'm sure there is one that means the same. I mean you need real money to buy things, not bad paper. Bankruptcy does not exist to deliver good feels to people, it exists to settle financial matters as objectively as possible.

Right. The debt owed to the creditors...

One reason to have an actual auction is because the liquidation might more than cover the debt and leave the bankrupt person with excess cash. But that only happens if real cash is generated in a competitive liquidation process. The reasons why this backroom dealing stinks are plentiful...

The actual cash is orders of magnitude less than what the creditors are entitled to... did you read the article?