Why cant the company be forced to pay all shareholders the par value of their stock first

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Why can’t the company be forced to pay all shareholders the par value of their stock first and corporate debts second?
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Introduction to Law

ISBN: 978-1111311896

6th edition

Authors: Beth Walston Dunham

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