BK11 & 2nd Position Notes

[Chris Serger]

Does anyone have experience with a NP 2nd on an investment property which is part of a BK Chapter 11? I'm familiar with all the note education concerning BK 7&13, but I haven't come across 11. I've already learned that the most important thing to understand is where you fall in the debt structure and that you can learn this likely by talking to the attorneys involved. 

Has anyone actually dealt with this themselves? If so, do you have any advice? I'm trying to figure out if this is even worth the time as the note is low UPB and there's a remedy in the sales agreement if a BK is initiated.