No, you are incorrect. Read some more about corporate bankruptcy and start with the Disclaimer on MOR. There is a lot of discretion on what M&A/FTI is putting within the MOR. And, there is no order of payment listed therein, it is subject to the previously mentioned waterfall. Also, UCC represents in theory all unsecured creditors (whom have filed a POC) that do not have expunged claims.
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