I don't understand your logic. We do not know whether or not this was secured or unsecured debt. If the company went into bankruptcy even if the debt was secured we do not know which creditor would have priority over the others. In the event of bankruptcy manu could simply dump these shares and at least get something back. I understand commons usually get wiped out no matter what if he held through the bankruptcy but who would do that. Remember they do not have many assets that would cover liabilities in the event of bankruptcy anyways. So in the event of bankruptcy the flow down might not even make it down to him and that still requires determination of secured vs unsecured and level of priority.
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