This paper assesses the impact and implications of the death of floating charge theory in PPSA regimes on the priority status of the first in time all assets security holder. I focus on two classes of creditors' claims to which the floating charge has traditionally been vulnerable: subsequent purchase money security interests (PMSIs) and subsequent unsecured and preferential creditors. As we shall see, PPSA reform has greatly strengthened the position of the floating chargee, a trend which has provoked an intensive re-examination of the policy merits of full priority for secured creditors generally. In the conclusion, I summarise the case for preserving the functional premise underpinning the equitable institution of the floating charge in the pursuit of statutory reform. This was the hope m ill-founded as will be seen -- that the traditional vulnerability of the floating chargee to subordination to pre-crystallization creditors would provide the holder of an all assets security interest with a significant incentive to monitor the debtor's dealings with circulating collateral and to intervene to terminate a financially troubled debtor's business operations in a timely fashion.