The Fulcrum Security & Debt-for-Equity Ownership
This lesson is part of the course
In this lesson
You find the class where value runs out, the fulcrum, swap its claims for the new equity and calculate who owns the reorganised company.
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Lessons in this course
- Liquidation Value: Recovery Rates by Asset Class Locked
- The Claims Stack: Secured, Admin, Priority, Unsecured & Equity Locked
- The Absolute Priority Waterfall with MIN(claim, remaining) Locked
- Recovery % per Class & Pro-Rata Sharing Inside a Class Locked
- Collateral Coverage & Deficiency Claims for Undersecured Lenders Locked
- Reorganisation Value (EBITDA × Multiple) vs Liquidation Locked
- Plan Distribution: New Debt, New Equity & Implied Recoveries Locked
- The Fulcrum Security & Debt-for-Equity Ownership Locked