Article 27 Holders of negotiable instrumentsI1

to treat the liability to him on the bill or note of every person who is liable on it antecedently to the protected energy company, and against whom a bankruptcy order has not been made (or, in the case of a company, which has not gone into liquidation), as a security in his hands, and

to estimate the value of the security and, for the purpose of his entitlement to vote, to deduct it from his claim.