RE: RE: RE: Judicial Leeway on Approving Plan It has been a while since I looked at it, but were the banks being asked to take any haircut?
The banks get exactly the same deal as the MTNs (a combination of new notes and new shares). In this universe, the expected market value is less than par. In a popular alternate universe, the MTNs (and therefore the banks) are getting significantly more than par and the banks are suing to prevent this windfall from being inflicted upon them.