In effect, the depositors would take the first loss, and the junior creditors would be protected.

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The first is to take a loss in the earliest possible year.

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The crucial point of the game is that in all three cases the second player suffers the same absolute loss if the first chooses to take money from him.

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The market might take that away today however, since early this morning the company posted its first-ever quarterly net loss.

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Maybe, then, those who so strenuously disagree with my take on this can tell me why the State of Florida requested a waiver on the medical loss ratio in the first place?

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