afgha, page-8

1. Are subordinated debt holders in fact subordinated to other unsecured creditors. Do claims of other unsecured creditors need to be paid in full before subordinated note holders get anything?

-- yes!

2. For the set of assets that the banks may not have a charge over; is the pool that entitled to recoveries
a) all debt holders ranking equally
b) just unsecured debt holders or
c) would secured debt holders be paid off first.
-- where the bank does not have a charge over assets then they rank equally with unsecured creditors. (again subordinated debt holders rank below)

3. If any of the claims against the company, directors etc are succesful; is the pool that entitled to those claim
a) all debt holders ranking equally
b) just unsecured debt holders or
c) would secured debt holders be paid off first.
-- where the bank does not have a charge over assets then they rank equally with unsecured creditors. (again subordinated debt holders rank below)