You can find details of Cap Trusts in the prospectus and accompanying docs.
You, as a holder of Cap trusts, have an indirect ownership of subordinate bonds. Therefore, you are in the same class as said bonds.
It is not that every guarantee is worthless. It is about what the guarantee states. That is how they are distinguished. Just like the different tiers of debt. Guarantees are not all equal. Some are worthless and some are not.
That is why we need a guarantee that is NOT subordinate. If we have that, then we have something to work with.
Anyone can guarantee anything.
Diversify and never go all in on any speculative security. I cannot stress that enough.
Good luck.
imo
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