I agree that according to the debt obligations JO can use stock to pay off the bondholders IF they elect to exercise their puts in Jan/Feb.

However, at the close Friday the 9th, the TOTAL market cap of MESA was $7.52 million and the amount of debt that could come due if the puts are exercised is about $95 million. How can you pay off $95 million with $7.52 million?

I don't know if the bondholders will go to court, but I think they would have a strong equitable argument that stock cannot be used to satisfy the debt. Who knows, however, what they'll do - they may let JO limp along.