TMST, Inc., 8% Senior Notes (TMA.GB)

[56Chevy]

Regarding priority, consider that the TMA.GB 8% Senior Notes have allready had a partial recovery (explained below in italics). How could this happen if other claims have any priority over them? The answer is - they don't.

Adfitech was a Non-Debtor subsidiary. Senior Note Holders, who had a claim of $304.7 million, received a package of Adfitech securities and cash valued at $38.6 million. For each $1000 in principal amount of TMA.GB, holders received $121.88 in value comprised of $78.26 in Adfitech Inc 8% Sr Secured Notes due 3/05/20 (ADFT.AA), $37.60 (20 shares) in Adfitech common stock (ADFT) and $6.02 in cash. This lowered the remaining claim to $878.12 per $1000 principal amount. The remaining claim is $266.1 million.

That partial recovery is the reason the bonds will be considered "whole" at $878.12 today ...instead of $1,000 each.

The other unsecured creditor(s) on that list of top 20 you cite would not have stood by and let this partial recovery happen if it was legally theirs.