INITIAL BANKRUPTY OFFERING ( IBO). WHAT WILL WALL ST. THINK UP NEXT?

(From Zerohedge)

On Monday, when the market hit its absolute blow off top phase and Robinhooders sent the stock of bankrupt Hertz as high as $6.25, resulting in a market cap of just under $900 million – a testament to the absolute idiocy of capital markets – we decided to double down on this idiocy and said that “we hope the company sells a few hundred million worth of stock – after all there is apparently endless demand for its shares – just so we can test the so-called “price discovery” of Fed chair Powell’s latest and greatest FOMO [ Fear of Missing Out] bubble.”

Well, it turns out that some banker at Jefferies read us,  and ignoring the clear sarcasm of this proposal decided to turn it into what may soon be the most insane and/or stunning, maybe even legendary capital markets product ever proposed: an Initial Bankruptcy Offering.