"Typically you don't have so much secured debt above the DIP."

GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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"Typically you don't have so much secured debt above the DIP."

--Jeff Wolinsky, analyst at Standard & Poor's, on the subordination of Calpine's $2 billion debtor-in-possession loan to some of the energy company's pre-petition secured debt.

"Typically you don't have so much secured debt above the DIP."-- Jeff Wolinsky, analyst at Standard & Poor's, on the subordination of Calpine's $2 billion debtor-in-possession loan to some of the energy company's pre-petition secured debt.

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