first mortgage rights of value for a fixed income investment ?

Graham and dodd seem to hold the optinion that rights offered to bond holders offer little protection. To the extent that such protection should not be factored in when selecting a bond for income purposes. It seems like a large part of the reason these authprs hold this view is that recievership and the legal institutiins preceeding the exercising of these rights is not efficient.

Can somebody help me understand the extent to which this continues to hold true? Is recievership still something to br avioded at all costs?

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first mortgage rights of value for a fixed income investment ?

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