For example, say I have $10,000 in deposits, all of which I've loaned out. I have a $3,000 reserve. Now, I get $8,000 called in, which I can't pay. What I do is I issue $8,000 in interest-bearing notes at double the prevailing interest rates and use them to pay back my customers. My customers will be happy because they can sell these notes for more than the $8,000 they're asking for. As the loans get paid off, and using my reserve, I can pay off the notes. Nobody gets hurt but me.
Sorry, but your customers won't be happy because, as soon as you are bankrupt, your notes are worth nothing, regardless of the interest rate you attach to it.
They wouldn't be able to sell them to anyone.
It would be so easy, in the event of a bankruptcy, to be able to issue more debt. In real life, it does not work that way. Only a central bank can do that ;o))
I was addressing *only* the issue of a run on a bank, not a bankruptcy. Runs are a solved problem, bad loans are not.