This is why need file bankruptcy in court. By doing that, CHK

the total asset that CHK still have.   That is the oil gas reserve.     The higher class will get its debt face value back first.  Then left over for lower class.    The unsecuity shareholder even 70% does not support,  it won't prevent the bankrupt case.   It can rejest inintially for bankrupt plan.    But he need lawyer to defend  and argure what is really value of CHK asset.    THere is stand way how bankrupt court to caculate how much oil reserve worth.   Typically it take number of oil /gas reserve  it get  and  multiply the   12 month average future pricce.     So there is not much room for unsecurity to recover more value.   Unleses the oil  and gas future price up/down greately.     Plus lawyer involved will get 1/3 of the value it got as  value of law suit.   So typically unsecurity bond holder will get  negtiaget with  higher class bond holder rather that full scale of law suit.    Judge also will order they get agreement before finally plan confirmation.      It is true shareholder won't get anything.   Even unsecuite debt will also get hurt.   This is why unsecure debt is priced on  5-6% of its face value.      It is typical  chapter 11 process.   Not  a chapter 7 liqudation process. 

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• 个人感觉会打的不可开交，或许很长时间，不知对不对，那些钱被锁死了 -_学无止境- ♂ (0 bytes) () 06/29/2020 postreply 13:08:52