"Examples would be SENIOR preferred stockholders, bond holders and secured debt holders whose debt carry specific secured rights to a company's assets in a "WIND UP" liquidation. "
YanksGhost,
Clearly SPS contracts violate JPS contracts in terms of liquidation preference and dividends.
To begin with JPS had a contract that gave them liquidation preference as well as dividend preference.
After this happened, FHFA and UST ignore and violate all known laws, and impose SPS overriding JPS holder's rights. Does this not amount to regulatory taking and violation of JPS contractual rights ? This fact will be litigated in courts and court may overturn seniority of SPS and dividend payments.