Three pen holders.

And the equity holders get wiped out, the old equity holders.

It's the debt holders.

And we learned that the debt holders were actually more senior to the equity holders.

It couldn't pay it's debt holders.

It would penalize the equity holders.

And pays off the liability holders.

I mean, they're just place holders.

And if there wasn't enough money to pay all of the debt holders, then the equity holders got nothing.

Equity holders, they kind of took a gamble.

Well, it's the debt holders get first dibs.

So let's say these are debt holders right here.

There might be different debt holders who have different

And in this case the equity holders get nothing.

And it's also going to benefit the bond holders.

Call the other card holders, get them in here.

All green card holders please proceed to hangar D4

But that's the view from the debt holders' point of view.

The equity holders, you can imagine, they don't want to be

So the equity holders are actually the owners of the company.

And then anything that's left over goes to the equity holders.

The backbone of making investment decisions for global holders of capital.

And essentially, the debt holders become the new shareholders of the company.

The only people who will lose big are the old equity holders.

Against questions. Against talk.

And so you're writing a 1 billion check to the equity holders and a 1 billion check to the liability holders, or the people who lent this company money.

While many loudly thought of themself being the World Cup holders of tomorrow,

And if we're the debt holders, and let's say it goes into bankruptcy.

So some of the cash will go to the debt holders as interest.

Because the debt holders, all they were getting their upside was just interest, right?

And also, a lot of the equity holders are the management of the company.

I talk against violence, against terrorism.

You'd have to pay the debt holders, you'd have to pay off the debt first.

Fight against them that fight against me.

Validate against

Against what?

Against her,

The airplane patent holders were not left a choice whether they'd license their patents or not.

The government is essentially writing a 2 billion check to the equity holders of this company.

Because the equity holders, they used to have 100 of the company with their 500 million shares.

Who says?! I'm against it! I'm totally against it!

They work against the clock and against the thermometer.

Guard against accidents.

I'm against it.

Authenticate against Servers