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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 mor tgage bonds. Subordinated debentures are subordinate only to notes payable. Trustee costs are $100,000.
Balance Sheet Before Default
Current Assets
1200000
Accounts payable
400000
Net Fixed Assets
1800000
Accrued taxes
80000
Accrued Wages
60000
Notes payable
Total current liabilities
600000
First-mortgage bonds
900000
Second-mortgage bonds
Debentures
500000
Subordinated debentures
300000
Common stock
200000
Retained earnings
100000
Total Assets
3000000
Total claims
a. How much will SHs receive?
b. How much will mortgage bondholders receive?
c. How much will prior ity creditors receive?
d. Identify the remaining general creditors. How much will each receive before subor dination adjustment and after adjustment?
Drawing on literature, critically evaluate all these hedging techniques. Illustrate your arguments with appropriate examples / cases / empirical studies review.
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