That would prevent them from bidding for the company using their secured claims.

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In such cases, employees with a WARN claim have priority over other unsecured creditors, but stand behind secured claims by bondholders and the like, says Roupinian.

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And it was these qualities that secured his three claims to fame, which may have been inflated, but were far from baseless.

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Unions did win some special favours: when Chrysler was divided among its creditors, for example, a union health fund did far better than secured bondholders whose claims should have been senior.

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The company developing the Monroe event, Digicon Media, says it is not working with the Monroe estate since it claims it has secured all necessary copyrights.

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But Bunia residents, contacted by radio, contradicted rebel claims, saying government forces had secured the town.

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Under the reorganization plan, secured bank debt incurred before the bankruptcy as well as unsecured bond debt and certain general unsecured claims will be cancelled with those creditors receiving equity in the reorganized company.

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