This is why we need #Bitcoin as the best asset you can't argue with. It looks like there is language in the contracts that enabled [FINMA](https://www.finma.ch/en/) to write down AT1s before the shareholders were fully impaired. This sequence of liquidation feels wrong to many who don't know the details: what does the contract specify? Why did AT1 holders not buy shares? Why were AT1s attractive despite the language that was now acted upon? Was it wise to have created an instrument with liquidation posterity to shares?