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As stated in my e-mail to you, I think that maybe "junior" is only "junior" to PTSC's debt. Junior's lien could be "senior" to PTSC's debt when it comes to the receivables and inventory. IOW, I believe junior and senior as cited in your post may be the same creditor. The reason I strongly believe this is because I can't believe someone would make a $24 million uncollateralized loan.

All imho

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