Three pen holders.

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

It's the debt holders.

Equity holders, they kind of took a gamble.

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

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

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

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.

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

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

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

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

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

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

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

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.

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

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

So you can kind of view the debtor as the equity holders and the management of the company.

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

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

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

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.

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

While many loudly thought of themself being the World Cup holders of tomorrow, sounds from the past came out of mother's bedroom.

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

And the equity's 1 million, because there's no debt, so all of the assets are held by the equity holders.

The people who lent this company money made bad decisions and the equity holders of this company made bad decisions.

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

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

And of course, the first 6 million of the value so the 4 million of debt, and then 2 million of the equity will go to the debt holders, right?

They pay royalties over the sales to the patent holders, so they are remunerated for sharing their intellectual property.

Patent holders, inventors that develop new medicines patent those inventions, but make those patents available to the Medicines Patent Pool.

The advantage is this fund manager doesn't have to keep cash around in case the share holders want to redeem

Test tube holders make it easier to hold test tubes. By using a holder, there is a safe distance between ones hand and the test tube when the tube is hot. Typically, test tube holders are used to hold test tubes over open flames.

The U.S. government decided to take action, and forced those patent holders to make their patents available to share with others to enable the production of airplanes.

In the last video we talked about the scenario where a company, for whatever reason, it just couldn't pay it's debt holders.

Covenants are pretty much a bunch of rules that the debt holders say, look, you're good, but if any of these x, y, or z things happen, we can take you into bankruptcy.

And if there was actually 7 million here instead of 5 million, then you would have paid the six off completely, and then the equity holders would've gotten 1 million.