Disclaimer: I am not an investment advisor. Heck, i am not even working in the financial industry. Below are my interpretation and i am grateful if you will let me know if anything i say is wrong and i will correct it in a reasonable time. I am not an expert and don't wish to be assumed to be one. I make losses frequently. I think i have to correct the wrong impression that some people may have: that PnPs and unsecured banks/MTNs are sharing on a pro rata basis any of the upside that will happen if contingent liabilities were to be extinguished. A short answer is there is some sharing going on. But actually its a NO. It is not on a prorata basis. In my opinion, i think it can be quite misleading and many of the PnP mom and pop investers, especially the Pioneer...