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  • peristentone peristentone Feb 26, 2012 7:28 AM Flag

    Restructuring hopes

    Strictly speaking, Gardner's statement is self-contradictory. If he is going to claim his bonds recover in full, he is opening the possibility of *some* recovery to equity. If he wanted to say equity is worthless, then he should have claimed that his bonds would recover something less than par, maybe 90%


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