Liquidating bonds

Note: Individual paper bonds may not be split and must be redeemed in full.

If you plan to take your bonds to a local bank, check with the financial institution beforehand to see whether it redeems savings bonds.

However, the hierarchy of claims is far more important for bond investors, since how high or low a particular fixed income security ranks in terms of claims on a company’s assets can determine whether an investor will receive any recovery value in the case of a bankruptcy/liquidation process.

It is perhaps useful to think of the various claims (debt, equity and other claims like wages and taxes owed) on a company as different points on an ordinal scale going from 1 to 10.

My Financial Guide Wells Fargo & Company and its affiliates do not provide legal or tax advice.

Please consult your legal and/or tax advisors to determine how this information may apply to your own situation.

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If you hold an electronic Series EE (or Series I) bond in Treasury Direct, you can find the bonds current value there. Or, you can cash bonds by mailing them to Treasury Retail Securities Site, PO Box 214, Minneapolis, MN 55480-0214.Third Avenue did not return messages seeking comment. 30, was Boston-based Fidelity Investments' Strategic Advisers Income Opportunities Fund, which had a 8 million stake.This summer, the Third Avenue fund had been "overwhelmed by the poor performance of its lower quality, distressed holdings," Fidelity portfolio manager Gregory Pappas said in an August interview posted on Fidelity's website.For stock investors, understanding the hierarchy of a company’s capital structure is perhaps less relevant, given that equity is ranked the lowest amongst the various claims on a company’s assets.In more complicated terms, equity is subordinated to other forms of claims on a company – in the event of the company’s liquidation, equity holders get paid last.For electronic bonds in Treasury Direct, you can redeem a minimum of or any amount above that in 1-cent increments.If you redeem only a portion of the bond’s value, you must leave at least in the Treasury Direct account.Claims like employee wages and taxation are usually paid first in the event of a company’s bankruptcy, so they can be placed on one end of that ordinal scale (say 1), indicating that these are ranked highest in terms of claims on company assets.On the opposite end (10), we can place equity, which is the lowest-ranked claim.PFD handles the sale of general obligation bonds, revenue bonds (including lease revenue), short term notes and commercial paper.PFD acts as agent for sale for revenue bonds issued by various financing authorities.

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