RE: RE: RE: RE: Bank bargaining chip " The simple matter with YLO is that unless you are one of the secured lenders you are screwed."
Las, reading the financials and various prospectus information for the MTNs, the revolving and non-revolving LOC are described as unsecured. Pretty sure the bank, beyond some of their protective covenants are not ahead of the bondholders. I thought the same as you up until yesterday when I did a bunch more reading. I am still not 100% sure and am waiting on clarification from IR. I posted earlier today a manner in which nobody gets too badly screwed as long as there are some compromises and the online business remains profitable over the long haul.