Have the banks actually done anything extra to keep YRC open. They're not giving them anymore money. What they are doing is not shutting them down, which they could do at anytime. But aren't they still making money from this account? And isn't their initial investment protected with the collateral they control.

I viewed this last round of trickery as coming at the expense of shareholders. If the bondholders accept this debt-for-equity swap the banks are actually in better shape than they were before...IMO. This is almost $600 million in debt traded for ownership in a pig. I'm not a finance expert, but I can't figure out why the bondholders would accept such a deal.

The banks are still collecting fees and interest, eventhough those monies are now deferred until some time in 2011. I would expect that even these fees to the banks will carry a first-priority lien. I personally do not see how anyone else but the banks are going to get anything when YRC fails.