Antolin - comment

Why absolute priority does not mean you get equity is the result of some clever engineering in the RP. Bondholders remain unimpaired if they don’t vote. The default path keeps them outstanding in full - no haircut, only slightly altered economics - wonderful (in theory). You can’t fabricate a right to a company’s equity out of a voluntary vote without impairment being forced upon you. If we were in the 30s, we’d vote for the impaired option, and that would soon be enough support for the plan to bind the 28s and under the same pressure. We do understand the complaint that bondholders aren’t invited to participate in the fresh cash and are therefore treated in the same way as the banks. That’s comfortably backward judges corrupting the uncomfortably forward legal system.