that's interesting, but it's unclear whether or not that would target the wrongdoers precisely enough. executives, some (maybe all) board members, and some prin

that's interesting, but it's unclear whether or not that would target the wrongdoers precisely enough. executives, some (maybe all) board members, and some principal shareholders (maybe all principals) are the likely instigators of decisions like this. those are the folks to punish. and on the flipside, it's not clear that all creditors deserve potential upside beyond their promised fixed income (and many probably don't want the added risk and responsibility of equity over debt). you'd also want to claw back related gains from executives, board members, and principal shareholders. maybe the benefits should accrue to non-executive employees and to customers instead.