See the announcement from AFG today in response to the Michael West article.
The announcement says that the notes prospectus states that the notes were always subordinate to the senior debt. However, the notes prospectus appears to actually state that the subordinated notes rank behind all the debt that is senior to it (obviously). But there is nothing in the prospectus (as far I can see) that states whether a particular debt (especially the senior debt) is senior in rank to the notes. The implicit assumption seems to be that it is but that is not stated explicitly.
However, the prospectus does say that AFG can re-arrange their debts etc any way they see fit.
See the announcement from AFG today in response to the Michael...
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