Mirant

[south louisiana]

From today's Deal article on Wcom -

A group of dissenting MCI bondholders has also objected to the plan, which gives MCI's subordinated noteholders nothing for their $750 million in claims. They state that the MCI debts should be repaid before holding company creditors receive anything, and argue that there is enough value to do so.

Seems the absolute priority rule is far from absolute.