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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (94277)1/30/2002 9:15:24 AM
From: Freedom Fighter  Read Replies (1) | Respond to 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?



To: Knighty Tin who wrote (94277)1/30/2002 9:56:12 AM
From: Knighty Tin  Read Replies (1) | Respond to of 132070
 
Let's see. What co's name rhymes with "goodbyeco?" <g>


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