Book value = assets - liabilities Market value = market capitalization Bondholders have claims on part of the company's assets and these claims reduce the val

Book value = assets - liabilities Market value = market capitalization Bondholders have claims on part of the company's assets and these claims reduce the value of the company (that's the liabilities part of the equation). Pensioners don't have any claims on anything except perhaps on their pension funds if they have one.