Ranking and subordinationIn a Winding Up, whatwill Holders...

Ranking and subordination
In a Winding Up, what
will Holders receive
from Allco?
– Allco Notes are subordinated. This means that in the event of a
Winding Up, Holders will be entitled to receive a repayment of
the Face Value and any outstanding interest on the Allco Notes
only after all other debts, other than those which by their terms
or at law rank equally with or behind Allco Notes, have been
paid in full, but before any distribution is made to Shareholders
and any creditors whose claims rank behind those of Holders.



guys it is clear that we rank behind the senior debt.

also it is clear that we cannot possibly be at the bottom

i think the whole effect of this statement is to ascertain ranking in the event afg took on more debt after the notes. but that did not happen, and i fail to see why unsecured creditors would rank higher than noteholders "at law" and i don't think they entered into contracts with terms saying in the event of liquidation they would rank above noteholders

worst case scenario rank equal with the unsecured creditors, but i think debt usually ranks ahead of other creditors