I thought so too, but the Matt Levine article says the debt was trading at 42c in the dollar, so likely people didn't expect the debt to be repaid. This makes t

I thought so too, but the Matt Levine article says the debt was trading at 42c in the dollar, so likely people didn't expect the debt to be repaid. This makes the loss $300mm instead of $500mm, but is worse than your (and mine) initial take.