Man, bankruptcy changes everything, each party has a claim, but public opinion would support the guy doing the work over the guy finding the legal tender on the street.
Your reasoning is flawed on multiple levels. Yes BK does change everything. There's only one claim in this analogy and it was bought fair and square. The court doesn't care how I got it... who held it before I did ..what he paid for it...nor what he sold it to me for. They don't care... and there isn't a court in the land that does. period.
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Your Honor,
I have a legal Senior Secured 2nd Lien Bond claim against ATP Oil & Gas for $1,000 plus interest..I'd like to have it paid.