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Question 5. Pierre Imports will be liquidated. Its current balance sheet is shown below. Current assets are sold for $600,000 and fixed assets are sold for $1,000,000. All fixed assets are pledged as collateral for all mortgage bonds. Subordinated debentures are subordinate only to notes payable. Trustee costs are $100,000.
Sale of Current Assets
600,000
Sale of Fixed Assets
1,000,000
Trustee Costs
100,000
Balance Sheet Before Default
Current Assets
1,200,000
Accounts payable
400,000
Net fixed assets
1,800,000
Accrued taxes
80,000
Accrued wages
60,000
Notes payable
Total current liabilities
First-mortgage bonds
900,000
Second-mortgage bonds
Debentures
500,000
Subordinated debentures
300,000
Common stock
200,000
Retained earnings
Total assets
3,000,000
Total claims
a. How much will SHs receive?
b. How much will mortgage bondholders receive?
c. How much will priority creditors receive?
d. Identify the remaining general creditors. How much will each receive before subordination adjustment and after adjustment?
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