allco and abc may help centro, page-12

I agree - there is no way shareholders can rank with bank lenders - for a good practical reason. You cannot quantify the claim from shareholders - what value do you put on a shareholder claim - the price they bought their shares? - that would favour some shareholders over others. The last share price? - too arbitrary.

Shareholders can only ever rank last as a share is just a measure of the value of the company - which is the value of assets minus all liabilities/debts.