Aqua Corporation filed a petition under Chapter 7 of the bankruptcy act in January, 2011. On February 28, the following information was presented regarding Aqua's financial status.
Book ValuesFair Values
A/R - net 100,00090,000
Fixed Assets - net 200,000230,000
Mortgage Payable 200,000
The Note Payable is secured by Accounts Receivable, and the Mortgage Payable is secured by the Fixed Assets.
Calculate the amount expected to be available for unsecured claims and the percentage recovery that the unsecured class should expect to receive.
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