EASTERBROOK, Chief Judge.
Creditors in bankruptcy are entitled to full payment before equity investors can receive anything. 11 U.S.C. § 1129(b)(2)(B)(ii). This is the absolute-priority rule. Equity investors sometimes contend that the value they receive from the debtor in bankruptcy is on account of new (post-bankruptcy) investments rather than their old ones. The Supreme Court held in Bank of America National Trust & Savings Ass'n v. 203 North LaSalle...
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