I guess my basic answer there is ...1. Laws are there to protect common also and if the company can get $600 mil+.then there is real chance that common will get something....2.The other issue that helps common is if the common goes away so does a large tax loss that is valuable....SOOO....IF the tax loss is worth $100 mil+ as has been bantied about, then they will NOT cancel the common.....Believe me I understand the RISK here and it may all fall apart, but if the Clipper stays on course it has a LOT better chance as then there is real chance for long term workout.....BP suit...Gov suits all can be big help to reduce debt along with what I expect to be a haircut to bondholders, but WAY above the .07 the bonds now trade for....
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