With Thain out at Bank of America (BAC), the company can liquidate the $1.2 million spent on his office furniture. And it probably held its better than the rest of the assets the firm held:
Bloomberg: The antiques Thain reportedly purchased will probably hold their value over time, said Clinton Howell, a New York dealer in English furniture.
“Michael Smith is a very smart guy and he buys very good things,” said Howell. “It’s very likely that what he bought was worth the money if Merrill Lynch wants to get their money back.”