"From what I understand, if the banks rank equally with unsecured creditors (ie. AFGHA holders)"
THAT'S THE RUB! AFGHA holders do not rank equally with unsecured creditors. There are 3 levels
1. Secured creditors
2. Unsecured Creditors
3. Subordinated Unsecured Creditors
Even if 1& 2 end up in the same pool. They need to be made whole before 3 sees 1c!
afgha, page-12
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