Bank of America National Trust and Savings Association was the major creditor of the debtor, 203 North LaSalle Street Partnership, an Illinois real estate limited partnership. The value of the partnership property mortgaged to the bank was less than the balance due, leaving the bank with an unsecured deficiency of $38.5 million. The partnership sought to cram down over the bank’s objection a plan whereby (1) the bank’s $38.5 million unsecured deficiency claim would be discharged for an estimated 16 percent of its present value, and (2) certain former partners of the partnership would contribute $6.125 million in new capital over the course of five years, in exchange for the partnership’s entire ownership of the reorganized debtor. The old equity holders were the only ones given the right to contribute new capital in exchange for equity. A senior class of impaired creditors objected. What arguments will the impaired creditors make in opposition to the plan? What arguments will the equity holders make in support of the plan? Should the plan be approved? [Bank of America National Trust & Savings Ass’n v. 2003 North La Salle Street Partnership, 526 U.S. 434 (1999).]