The whole point of issuing Capital Notes is that “you” have more flexibility by NOT having to pledge specific assets as collateral. That’s why they are preferable to say a bank loan - which looks very much like it wasn’t an option however they may try and spin it.
Also in the event of liquidation secured creditors and senior debt holders are paid first. Capital notes being unsecured are paid after these claims - so rank 3rd in the Capital hierarchy.
EXCEPT in this Case - the note holder has “ownership” of all shares and assets in the event of a default.
Cheers
DYOR IMO
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