This will depend upon the type of bankruptcy filing, as well as the status and quality of the assets and liabilities. Reorganization like GM, or liquidation. Reorg screws investors and stockholders, and makes bondholders into stockholders. Liquidation will put this paper on the market, and then they will see what these loans are really worth to others. The leasing market for most types of RR equipment has been decimated by the economy, that's why there are cars stored everywhere, so my guess is that they ain't earning much on that paper right now.