Everything depends on the specific terms of the notes themselves. In our case the senior debt is unsecured and referred to as "senior" to distinguish it from the "subordinated" debt, also referred to as the junior debt. The senior notes have been classified as general unsecured. The subordinated debt is in the next class down.
Donot: the following is not directed at you.
I understand that the subordinated debt still trades and is fetching pennies on the dollar. If this is true (I have not checked), and there were a reasonable prospect of the juniors gatting paid, would not some smart wall street folks who do this for a living have figured this out? Or is this board so blessed that it is the only place where the truly insightful exist?
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