secured debt first (i.e. loans that are backed)then unsecured...

secured debt first (i.e. loans that are backed)
then unsecured debt i..e creditors
then . . share holders

what last release said was the $ they achieved in sale would not even cover what is owed in secured loans so nothing left for unsecured . . and definatly bothing left for shareholders

as to how this can happen without shareholder approval . . dm basically wrote this outcome in stone when he agreed to ridiculous terms for loan .. the lender was good as they 1. received a hige upfront baloon payment 2. received payments each mth with huge interest 3. will get first dibs on whatever salvaged from selling the scraps.

if you are not already angry at dm then it is time to be.