You are wrong. If the company goes into default and is forced into involuntary bankruptcy, the notes are senior and will have first claim on the assets over shareholders. Sloane doesn't just "get" the properties. They only would receive up to the value of the notes. The residual value goes to the shareholders. A court appointed guardian of the corporate corpus would be appointed to get maximum value. The court doesn't just give away assets. Bottom line is Sloane's interest are indeed aligned with FFGO's. Don't try to spin this because this is how bankruptcy works.
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