AbitibiBowater, Inc. (fka ABWTQ)

[emailjanum]

Let us say for example a company called Fairway (hypothetical name) owns CDS and was able to recover 95% of the total face value of insurance, that will give that company's total recovery at about 143% for their bonds (assuming 48% recovery as per Plan). This is completely unfair and sooner or later will be challenged in the Court.

CDS holders (mostly Prem Watsa and company) got rich here and Judge helped them violate Absolute Priority Rule.