Regarding your "message" to me RE: CT briefly:
CT is only as secure as its underlying security. If the underlying security is unsecured subordinated bond and has recovery, then the CT will have a recovery in its prorated amount.
If the bond does NOT recover, then the CT will NOT recover anything. There no way for CT to survive withOUT the bond surviving and recovery, PERIOD.
As for bonds being callable (call dates) during bankruptcy, it means nothing as during bankruptcy, the bond is stayed/suspended. No dividend payment, no interest payment, no redemption, no calls, no redemptions, etc. The 20 consecutive quarters and default of the bond is a falsehood because the act of the entity filing for BK is already considered a default.
CT up list from grey to pink. That is likely an MM applying for the pink listing. Means nothing in terms of recovery $$ standpoint.
The entity who files under the jurisdiction of the bankruptcy court, is bound and subjected by the laws of the bankruptcy court for adjudication. Bankruptcy court by petition, can cease, amend, renegotiate, cancel, reaffirm,etc. any contract in favor of the debtor.
This applies to all BKs, but the one you are referring to ***** , I say almost %100, NO RECOVERY.
I hope I answered your questions.
imo
