Thank You for your Analysis. So if the bank is smart it will carefully scrutinize the entire landscape and consider the likelihood of Angie's going to chapter 11 or downsizing dramatically and moving. The bank might demand a large downpayment or give a partial mortgage or demand some kind of iron clad security beyond the building. If Oesterle benefits from money or obligations from the firm beyond the mortgage proceeds, it seems these should be subject to claw back.
I dont think Angie's list will die. The list itself ( the profiles and email addresses of the subcribers and former subscribers) will likely be sold and resold for a long time. If the company goes to chapter 11, you could expect employees with unpaid wages to walk out the door with the list.
I am short Angie's and my outlook may not be objective. When you unsubscribe from Angie's list and then Angie sends you an offer of 70% off on air duct cleaning, you know you are being set up to be shafted. Whether Angie's knew about the air duct cleaning business, I dont know, but you can be sure the air duct cleaning people were all set. Angie's is not in chapter 11 and they have lots of cash to hold them some quarters. I am giving opinions of what seems very logical outcomes that are not certain.