| 31. | The Insolvency Act is " predicated heavily towards the protection of secured creditors'rights ".
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| 32. | The only secured creditor listed in the filing was Robertson himself, through his SKL Trust.
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| 33. | A secured creditor generally takes priority over other creditors.
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| 34. | The preferential categories were created by statute to prevent secured creditors taking all assets away.
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| 35. | If sale proceeds satisfy secured creditors, unsecured creditors may be in line for some payment.
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| 36. | The goal was to protect Dynegy's secured creditors at the expense of its unsecured creditors.
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| 37. | Cooperation of the secured creditor may however affect the assignee's ability to liquidate an asset.
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| 38. | NationsBank Dallas, Pangburn's only secured creditor, has first call on proceeds from the asset sales.
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| 39. | The government is an unsecured creditor and must wait behind secured creditors such as banks.
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| 40. | That comes well ahead of all unsecured creditors and all secured creditors, " he said.
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