I buy a company because it has something I want. The seller is selling because they no longer want what the company offers.
The price I buy the company at is at least as much as the seller values it, otherwise they would not sell.
If I'm buying a company out of bankruptcy then either I'm taking on both their debts and their assets (including cash), or there's some way to sequester the debts from the assets, which the creditors will not accept.
I agree with all you are saying. None of which negates the point about nor buying cash.
In the case you mention (where the company is bankrupt, it has (by definition) run out of cash.
Certainly there's not enough cash lying around to move the needle.
The price I buy the company at is at least as much as the seller values it, otherwise they would not sell.
If I'm buying a company out of bankruptcy then either I'm taking on both their debts and their assets (including cash), or there's some way to sequester the debts from the assets, which the creditors will not accept.