massive wall being built, page-40

Dargie we basically agree.

4. Asset level equity, with debt attached to assets.
3. Corporate debt (including the networks bonds) which is currently being swept.
2. SPARCS bonds, maturing Nov 2009 for those who convert.
1a. BEPPA
1. ordinary shares

i seperate corporate debt and network bonds, purely because the bonds are listed and tradeable. they rank equally with other corporate debt as far as the sweep is concerned so your correct. but they less significant to me personally because proceeds of DBCT sale will reduce corporate debt $1:$1 but the bonds can be repurchased at a discount. the banks wont accept anything less than 100%.

as for 1 and 1a, basically same as saying 1 and 2...winks

our only other difference is the order at the top. i put corporate above as far as its crippling affect. the sweep is in place for corporate debt. asset level debt although high is manageable. but again your correct as far as in liquidation, the asset would be sold and the debt directly attached/secured against would be repaid first, any leftover goes to corporate level.

but asset level has no recourse and can only bankrupt an asset not the company. only corporate debt has a right to force liquidation.