Thursday, August 23, 2012 7:19:32 PM
Any payment to CTs, must go though the sub bond FIRST and BEFORE it can get to the CTs.
If no payment to sub bond, then NO payment to CT as far as the Guarantee is concerned. It is as simple as that. Worthless.
If there is a payment to CTs, it goes though the sub bond first, but guess what? That distribution gets reallocated to senior creditors. Once again, Guarantee is worthless.
Subordinate guarantee or no guarantee, all distribution to sub bonds are reallocated to senior creditors.
Have a nice day.
imo
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