• The A&Z Real Estate Co. is to be liquidated. The book value of its assets is $46.5 billion. Bonds with a face value of $32 billion are secured by a mortgage on the company’s Toronto and New York buildings. A&Z has subordinated debentures outstanding in the amount of $33.4 billion; shareholders’ equity has a book value of $13.4 billion; $4.0 billion is used to cover administrative costs and other claims (including unpaid wages, pension benefits, legal fees, and taxes). The company has a liquidating value of $34 billion. Of this amount, $13.5 billion represents the proceeds from the sale of the Toronto and New York buildings. As the trustee in bankruptcy, you wish to follow the bankruptcy law strictly. What is your proposed distribution? (