So, Howhee's loan the followup PPSo the experts in the market are punishing SBM for Howhee's very cushy loan vs the follow up PP that is an embarrasment, but is a sign of the end of the road coming to. Plus the spinoff of the lab. Why does Howhee get the loan and interest? Simple:
Secured Creditors - often a bank, is paid first. Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim. Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid.