Cite as: 526 U. S. 434 (1999)
Thomas, J., concurring in judgment
not see the need for its unnecessary speculations on certain issues and do not share its approach to interpretation of the Bankruptcy Code. I therefore concur only in the judgment.
I
Our precedents make clear that an analysis of any statute, including the Bankruptcy Code, must not begin with external sources, but with the text itself. See, e. g., Connecticut Nat. Bank v. Germain, 503 U. S. 249, 253-254 (1992); Union Bank v. Wolas, 502 U. S. 151, 154 (1991). The relevant Code provision in this case, 11 U. S. C. § 1129(b), does not expressly authorize prepetition equity holders to receive or retain property in a reorganized entity in exchange for an infusion of new capital.1 Instead, it is cast in general terms and requires that, to be confirmed over the objections of an impaired class of creditors, a reorganization plan be "fair and equitable." § 1129(b)(1). With respect to an impaired class of unsecured creditors, a plan can be fair and equitable only if, at a minimum, it "provides that each holder of a claim of such class receive or retain on account of such claim property of a value, as of the effective date of the plan, equal to the allowed amount of such claim," § 1129(b)(2)(B)(i), or if "the holder of any claim or interest that is junior to the claims of such class will not receive or retain under the plan on account of such junior claim or interest any property," § 1129(b)(2)(B)(ii).
Neither condition is met here. The bank did not receive property under the reorganization plan equal to the amount of its unsecured deficiency claim. See ante, at 439-440. Therefore, the plan could not satisfy the first condition. With respect to the second condition, the prepetition equity holders
1 In this respect, § 1129 differs from other provisions of the Code, which permit owners to retain property before senior creditors are paid. See, e. g., 11 U. S. C. § 1225(b)(1)(B) (allowing a debtor to retain nondisposable income); § 1325(b)(1)(B) (same).
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