Why would someone sell a "perfectly good" seasoned performing note for 60-65 cents on the dollar?

[Julian Buick]

I posed this question on a recent forum post and got this response:

To address your question we have to pause on the idea that you implied of "perfectly good".

Is perfectly good the simple notion of payment history?
Is past performance indicative of future results? (credit)
If performance fails can the remedies be enforced? (compliance)
If the remedies can be enforced is the collateral sufficient to support recovery? (equity/discount)

Great response btw, but my question now is, is this really possible in today's market/climate to buy a seasoned performing note (with equity) for 60-65 cents on the dollar?

From what I've seen it's closer to 90 cents on the dollar. Clearly I'm not looking in the right places.