kaal:claim:1908473-027

Conversion at the first trigger under this proposal lacks the finality of Coffee's design, because it does not necessarily hand the institution to creditors unless the firm deteriorates further.

The conversion following the first trigger does not have the same finality as that in Coffee's proposal; it does not necessarily mean that creditors will take over the institution, unless it further deteriorates.

Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011), IV.A. First Trigger: Debt-Equity Conversion, p. 36
https://ssrn.com/abstract=1908473 · source PDF

Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473

designsupport: arguedcontingent-capital

The quote above is an exact substring of the source PDF, whose sha256 is 9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/2bc1573b3733302c...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/1908473-027.md | sha256sum