I don't disagree with your analysis that the priorities are somewhat obscure when a default occurs; that seems to be confirmed, particularly by U.S. judges. But having said that, and having said that going for eight or ten basis points appears to be attractive to some people, there does seem to be a significant number of apparently fairly smart people who have bought this paper.
If in fact this works its way through the market, how do you see these kinds of significant writeoffs affecting both the market and the Canadian dollar, if at all?