Why do you think I only own "4 bonds" ?
I own a lot of the senior bonds. Original trade was long the senior converts + short equity + long a put spread.
I retain only the bond position which is minimal cost due to the profit on the others.
My analysis is that the bonds will return between 0 and 20 cents of par, and have a chance of being the new equity. But good chance they are wiped out as well.
People here are delusional. The preferred shares rank ahead of you and trade for 1.5% of par. The debt has to return 33x from here before equity sees anything, and the prefs have to return 66x before equity isn't canceled.
You think the 10,000 hedge funds as well as the hundreds of distressed debt specialists out there have it all wrong and some IHub baggies with no analytical capability or knowledge of bankruptcy law have it right?
LOL!
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Caller: But why did you back away from your prior guidance?
Eric Kelly: I am sorry? Hello?
