Also known as fulcrum debt. The security most likely to convert to (or receive) equity (www.practicallaw.com/5-382-3436) in a reorganized company after it emerges from Chapter 11 (www.practicallaw.com/1-500-6505) of the Bankruptcy Code (www.practicallaw.com/7-382-3256). Some investors purchase this security as part of a strategy to take ownership of the company. While in the past, the fulcrum security was unsecured debt, today it is increasingly secured debt. For example, lenders may provide DIP financing (www.practicallaw.com/0-382-3405) as part of a loan-to-own (www.practicallaw.com/8-386-2450) strategy, based on an analysis that the debt represented by the DIP financing may ultimately result in a controlling ownership position in the company.