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To: Joan Osland Graffius who wrote (37720)9/2/2003 11:42:42 AM
From: energyplay  Read Replies (1) | Respond to 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.