Disclosure: At the time of publication, the author was long Blockbuster Senior Subordinated notes, although positions may change at any time.

FORBES: Blockbuster Goes To Hollywood?

But a sale would probably leave slim pickings for U.S. holders of Venture's now-defaulted bonds, judging from the market's response to events: Senior subordinated notes in Venture have been trading for as little as 3 cents on the dollar.

FORBES: Magazine Article

These notes were akin to subordinated debt of bank holding companies: They provided a capital cushion to help protect policyholders from any future unpleasantness.

FORBES: JPMorgan, Ambac and an indecent insurance racket.