Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Joan Osland Graffius who wrote (37720)	9/2/2003 11:42:42 AM
From: energyplay	Read Replies (1) of 74559

Hi Joan - Banks make loans which attach assets. This is the "stealth subordination" of bondholders - Goodyear is a good example, Mirant another one. So the banks work their way in front of the bond holders.... Lots of companies have way more debt than they are worth - airlines come to mind.

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