If banks give $400m back to unsecured creditors then banks become unsecured creditors for their shorfall. That $400 is then shared between banks (as unsecured creditors) and the rest of the unsecured creditors equally. The difference being right now it's not shared amongst the other unsecured creditors. Either way banks would need to be made whole and all other unsecured creditors made whole before we see 1c. Therefore there doesn't seem to be any credibly scenario for a return.
afgha, page-10
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