Such a move would leave unsecured creditors with nothing, he said.

The plan will give unsecured creditors 85 percent of the company's stock.

At a meeting last week the unsecured creditors committee decided to ask the court to allow only $50 million.

The unsecured creditors would receive about $80 million in total.

Unsecured creditors would receive less than $500 million of the company's total value.

The plan must also be approved by a committee of unsecured creditors.

Still, it is uncertain whether the unsecured creditors will end up with any money.

It did not provide a list of secured and unsecured creditors.

The deal includes payments for the team's unsecured creditors of about $2.5 million.

"With whole life you're a general, unsecured creditor of the insurance company," he said.

The proposal gives 59.5 percent of the equity to the unsecured creditors.

Unsecured creditors have said that Macy had a value of at least $4 billion.

The new offer from Diamond has been approved by the committee of unsecured creditors.

They think some unsecured creditors may get only 60 cents on the dollar.

However, it does appear that this will not apply to the unsecured creditors.

The unsecured creditors are hoping to get the face value of their investments back, but they might not be paid interest.

And they were classified as "general unsecured creditors," putting them at the end of the line to get paid.

Unfortunately, the company's bank, the tax man and employees come first; you will be an unsecured creditor.

For other unsecured creditors, the possibility of recovering money was remote.

The unsecured creditors would get $200 million in cash.

An administrative receiver does not make payments to unsecured creditors.

The company said an "overwhelming majority" of unsecured creditors supported the plan.

Both secured and unsecured creditors are ahead of shareholders as noted earlier.

Unsecured creditors would be repaid over 10 years, the filing states.

It was later bought by local investors for 24 cents on each of the unsecured creditors' dollars.