Originally Posted by
CatPilot1
This is all smoke and mirrors. The bond holders know then’ll make more money selling the assets piecemeal than all at once via chapter 7 liquidation. So they injected some money to keep the operation going while they figure out how to lose less money.
This injection was to avoid chapt 7 and was a lifeline. Now they actually take control of the company, which is a big deal; they can start selling off everything. Ted's job is to get $3.8m bonus to ride it to the end and keep order here, not create panic
Ted got his parachute ahead of time.
I don’t see it going this way. Explain how they control the company? Are they getting 51% of the equity for their forgiven $800m in debt and $300M in cash? Are they taking the company private? It’s also not one bond holder. It’s a collective so they each have smaller pieces of the pie of the new equity not one entity w one controlling chunk. I’ll have to go back and read the RSA
Last edited by Noisecanceller; 11-22-2024 at 04:15 PM.