Which part of the Dynegy capital structure to play in, post filing

As per my recovery estimates below, I believe the senior unsecureds offer the best risk/ return reward at this time.  The unsecureds are trading below my worse case valuation and offer significant upside from these levels.

The main variables to these recovery estimates are: a)Natural gas prices; b) Bankruptcy Judge’s interpretation of the use of Bankruptcy Code 502(b)(6) to limit the claims arising from the rejection of the Roseton and Danskammer leases; and c) How long the bankruptcy process takes.

dyn recovery

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