In your $400m calculations I'd be inclined to take out the bond liability.
Bonds are unsecured and subordinated. Bondholders have been well rewarded for the risk they took. But now it might be that they were rewarded enough to make up for potential total loss.
so couple of hundred $m between bright and A2 is neither here nor there for an clean and orderly outcome.
A2M Price at posting:
$6.12 Sentiment: Buy Disclosure: Held
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