linda,
i went to the sec filings for march 23, 2018 when shc filed an 8k dealing with amending the various loan/credit facilities.
have not been able to pin the senior second lien obligations to esl or one of its subs. the jpp appears to have been a party to the second lien and the effect of the "senior" was to give it precedence over other obligations. what i can't find is if the senior second lien obligation pertained to jpp as well. if it did, this it could be part of the credit bid.
when i responded to you i included info from that exhibit g which laid out the allowed amounts owed to esl per the apa. there was a second lien term note listed on exhibit g but not a senior second lien term note.
one thing "missing" from your comment was shc was to distribute its preferred units ratably to senior second lien obligations.
ratably seems to suggest some type of apportionment which further suggest possibly more than one debtor involved.
however, if it were to be only esl or one of its entities, then i would agree that they would "get back" at least some of the preferreds comprising the "securities consideration".
again, that exhibit g to which i am referring is on page 261/1120 of docket 2507
let me know if you think i am understanding what it is you are asking even though i may not have been able to fully answer your question.
