The plan would provide cash distributions to some creditors, including holders of secured claims.
But for more than 30 years, judges have been valuing all types of property in modifying secured claims.
The Greeks, who had raised a sublime science from a pile of practical recipes, discovered that in reversing the process, in reapplying their mathematics to the world, they had no securer claims to truth than the Egyptian rope pullers.
Once the co-op has been reimbursed for amounts it is entitled to, he said, and once secured claims like share loans are paid off, the remaining balance is paid to the former owner.
A group of banks led by the FleetBoston Financial, which has secured claims on Republic Engineered's assets, will receive $101.5 million in cash and $21 million in new notes, John Dillard, a spokesman for Perry, said.
This is an acceptable form of payment in the Nordics and PIN on mobiles is less secure, claims De Geer, but he admits that it may be that Visa wants the PIN element worked into the platform anyway (iZettle also notes that its method is approved by EMV).
First in line for repayment are "secured" claims, such as bank loans or mortgages, followed by "priority" claims (taxes owed to the government, for instance), and finally "unsecured, nonpriority" claims, including debts to credit card companies, suppliers and, in the case of print studios, foundries, restaurants or any place that may have artwork, artists.
Payment of the "indubitable equivalent" of the secured claim.
But not all claims are equal: some lenders provide cheaper funds to firms in return for a more secure claim over the assets should things go wrong.
The problem is rooted in the language of Section 1129(b), which provides that if a secured creditor objects to the plan, the debtor must provide the creditor with one of three treatments: Payment of the present value of the secured claim.
