With almost $300 billion in automotive debt outstanding, a substantial proportion represents negative equity.

Peter Ward, president of the New York Hotel Trades Council, said the compromise represented "fairness and equity."

The central issues which require resolution are the criteria to be used to determine whether a capital instrument represents debt or equity and the treatment of instruments like convertible debt which will or may be exchanged for other instruments.

In other words, in this case, we cannot assume that the position in 1974 represented inter-generational equity.

Penny stocks represent equity in small companies whose shares typically trade over the counter for less than a dollar or two a share.

"All we want is a contract that represents fairness and equity for the employees."

Peter Ward, president of the Hotel Trades Council, said that the dispute would be resolved only when the Ciprianis "restore the 250 Rainbow workers to their jobs and sign a contract that represents fairness and equity for everyone."

With most co-ops, shares in the building largely represent equity, and purchasers usually go to banks to raise large sums to purchase them.