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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (94277)	1/30/2002 9:15:24 AM
From: Freedom Fighter	Read Replies (1) of 132070

KT, I know you can't give me specifics on Global Crossing, but could you me a general feeling for how bankruptcy proceedings like this take place. It appears that the banks are senior to the bondholders, but some of their loans are apparently secured by securities that are now worthless. In general, what does "senior" imply if you are secured by nothing? Is there any standard or typical formula for the distribution of the assets between more senior and less senior creditors?

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