It's not about getting me. You see how this works the bank comes in and underwrites there own debt. In that underwriting process sales and administration charges are spread out over the entire offering. Money is removed to pay for those charges. Treasury stock is stock that is bought back from the underwriter that is held debt again like any shareholder.
Now the investment bank could release the comon stock back as collateralized shares ie: preferred shares that are paid an interest along with depreciated charges on the assets. These assets are usually individualy held in another purpose entity for this purpose and leased back to the company.
For all purposes those entities are mistaken as belonging too the common shareholders as equity held greater then the outstanding share debt held by the common share holder.
Now there are scrupulous folks out there claiming that the common share has to be collateralized but it is the bank debt that the common share holder is underwriting if the debt is a listed liability.
Now remember equity is much different then outstanding share debt held at a given par valuation for collateralization purposes.
It's here I'm going to stop my rhetorical and let the reader take in what I have just said. The ones who don't know the standard corporate rulings on who is the responsible acting party for the collateralization of outside debt other then insiders debt that is self collateralized meaning it is in the desgretion of the debt holder.
Note: Common equity can not be sold without collateralization but that collateral can be intrinsic assets Meaning earnings from both product or service sales including the selling of shares above the par value given pending on intrinsic asset value at any given time ie: "other equity"
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