You own $25,000 in subordinated debt of Local Crossings, Inc. which declared bankruptcy on May 15, 2015 through a Chapter 7 filing. Local Crossings€™ balance sheet at the time of the bankruptcy filing is listed asfollows.

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Local Crossings, Inc. Balance Sheet as of May 15, 2015 illions of dollars Assets Liabilities and Equity Current assets Current liabilities Cash andmarketable S 406 978 1038 $2,422 Accrued wages (10,500 employees) 20 Unpaid employee benefts Unsecured customer deposits Accrued taxes Accountspayable Notespayable to banks 50 375 841 1.518 $2,819 Accounts receivable Inventory Total Fixed assets Total Gross plant and $7,253 1.050 equipment Long-term debt $1,200 2.018 S3,218 Less: Depreciation First mortgage Subordinate debentures Net plant and equipment $6,203 Total Stockholders equity: Common stock and paid-in suplus Retained eamings Preferred stock (100 million shares) S100 1,500 (200 million shares) 988 $2,588 58,625 Total Total assets $8,625 Total liabilities and equity