The Steel Pony Company, a maker of all-terrain recreational vehicles, is having financial difficulties due to high interest payments. The estimated "going concern" value of the firm is $3.2 million. The senior debt claim is on all fixed assets. The balance sheet of the firm has current assets of $1.1 million, fixed assets of $2.9 million, senior debt of $2.2 million, subordinated debt of $1.8 million, with the remainder allocated to stockholders equity. Assume the firm files for formal bankruptcy and sells the firm for the estimated "going concern" value and nets 92 percent of that amount after administrative costs, wages, and taxes are paid. What amount will be distributed to the subordinated debtholders?