Suppose you are evaluating two​ companies: a hotel chain that owns real estate properties in key downtown locations and near airports as well as in resort​ areas; and a software startup​ which, on a...

Suppose you are evaluating two​ companies: a hotel chain that owns real estate properties in key downtown locations and near airports as well as in resort​ areas; and a software startup​ which, on a very limited​ budget, has put together a strong team of programmers and designers. Which of these two companies is likely to have proportionally higher​ dead-weight bankruptcy/liquidation​ costs? In other​ words, which company will lose a higher percentage of its value if bankruptcy​ occurs, thus leaving little for investors to recover during​ liquidation?