Basically, I've looked at the market as a whole: all of the bank debt, all of the bond debt, the pension deficit, and then the equity in the economy. I think I've sorted out in my mind that for the economy as a whole, as long as the recovery is 40% in the bankruptcy, then the secured creditors and the pension deficit would be covered. As soon as the recovery goes below 40%, if the pension deficit goes ahead of the secured, the secured bank loans start to be impaired.
On November 16th, 2010. See this statement in context.