Thanks for posting that, I added some notes for clarification.
The net proceeds are distributed in this order: 1) Secured creditors ( Must be paid in full in order for others to get proceeds ) 2) Priority unsecured creditors 3) Unsecured and Trade creditors 4) Equity holders (Common Shareholders)
Why did Mica Arlette and PWC make a settlement agreement with an unsecured creditor to pay $2000 to Park Avenue Of Wayzata INC...
In order for PWC to make a legally binding agreement they must anticipate another transaction where Secured Creditors are paid in full
Heres the Canadian Courts list of creditors and the US courts list of unsecured non-priority claims:
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