Originally Posted by DENpilot

I'm not sure everyone fully understands...

IF the bondholders elect to exercise their repurchase rights, Mesa has the right to repay in stock. The amount of stock is calculated by using some 5 day average stock price. There is no choice for the bondholders as this was the terms of the early repurchase and since this move was approved by the shareholders, it is all kosher.

So, assuming all bondholders exercise their repuchase rights, at an average price of .28, it would take a little over 300 million shares to repay it.