Sunday, March 18, 2012 11:57:20 PM
You keep sub bonds/CT to enforce subordination between senior creditors and sub bonds. By doing this the senior creditors get a few extra percentage recovery by reallocation of distribution from sub bonds to seniors bonds. Almost like double dipping.
There is a reason why things are structured this way... it is all for the senior creditors benefit, as they are the ultimate beneficiary, no one else.
imo
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