All depends upon how clear ATT and FCC want the runway for 5G.
Do they want to risk this getting tied up in the courts?
What does the business case for 5G look like to where settling up with the unsecured and shareholders is well worth throwing $50M at the unsecured and $250M at the common?
My assumption is that ATT, VZ, and FCC all want the track as greased as possible and settling up with anyone who could stall things out relative to what 5G means for the companies(Revenue), Pai(Successful FCC), and Trump(Economy/Jobs) is a drop in the bucket to what is at stake. So settle up with the unsecured $50M?, throw at least at a minimum $250M to the common. All depends on how intertwined and powerful the FCC is in the process and whether they want to take some flesh out of those bondholders. Not something they are in the business of but you can't have people like StraightPath commiting fraud and FTWR bondholders screwing shareholders and hoodwinking the courts.
Best outcome for shareholders is we get a huge cut at the expense of the bondholders. But as I have always stated those bondholders are hedged immensely owning 75-80%+ of the common as well.
