ok guys, we know that we're going to get btw 0% to 100% of our free equity back. My guess is we'll get around 30c in the dollar, if luckly. The $700M hole in the US client account was a shock - wouldn't help other countries account as well.
Could someone advise what is the priority of creditors when a corporation declare Chp 11 bankrupcy?
List of priority (my own understanding): 1. Client account (do we fall under secured or non-secured creditor or some other category?) This includes $700M of US funds still unaccounted for. 2. Secured creditor (Deutche Bank with ~$130M) 3. Unsecured creditor (Deutche Bank, JP MorganChase...etc all up ~$1B?)
Will we be the first one to get our equity back, and the remaining assets to be sold and the proceeds divided up amongst the secured and unsecured creditors? When I read some articles regarding Opes Prime, Sonray and Lehman Bros, the client account seems to be tangled up and ended up with quite a substantial lost as well.
