INTC is strategically important company. They won't be allowed to fail. Of course, that doesn't mean the stock is a good investment. During the GFC, all the equity holders were wiped out all the bond holders got all their money back. Figure that one out.
Perhaps, but you do understand that the probability of every tranche regardless of seniority getting paid in full and the equity getting nothing is zero. It's mathematically impossible to pin the waterfall like this.
With good enough lawyers mathematically impossible is practically relative. Assume the game is rigged, play accordingly. If it doesn't make sense, it makes sense.
