  This paper provides a framework for modeling the financial system with
multiple illiquid assets during a crisis. This work generalizes the paper by
Amini, Filipovic and Minca (2016) by allowing for differing liquidation
strategies. The main result is a proof of sufficient conditions for the
existence of an equilibrium liquidation strategy with corresponding unique
clearing payments and liquidation prices. An algorithm for computing the
maximal clearing payments and prices is provided.
