Greenshift Corporation (GERS)

[nobody12378]

Correct me if I am wrong, doesn't this likely mean that who ever held this was willing to take a huge hit (discount) instead of risk getting nothing if BK was forthcoming?

Effective on April 30, 2014, GreenShift retired convertible debentures with an aggregate outstanding balance of $3,700,000, consisting of outstanding principal and interest of $3,609,205.76 and $90,794.24, respectively. GreenShift made a cash payment of $1,400,000 to retire the debentures.

Doesn't this represent a 62% discount? One would have to be very creative to conjecture why such a discount was in the note holder's benefit, unless something is better than nothing ....