Bondholders greatest fear is our increasing housing market. The better the US housing market becomes, the better it is for shareholders. Folks, don't believe the BS spin that Ambac bondholders are pitching. They know that if shareholders were to be wiped out, they will lose all NOLs. NOL are our king in a royal flush.
I agree, NOLS need to have common shareholders to be valid. I have heard it a million times in each bk. I also know that unexpected non conforming things happen that make us shake our head in bks each time.