ExpressJet (XJT)

[downsideup]

Shareholders are pretty well focused on share prices. Most, right now, will be thrilled if the company doesn't implode and returns to even half its former value pretty soon. Most could care less that note holders are making out like bandits with the HUGE bump in the coupon.

I agree with others here that they ARE making out like bandits, and that the company could have been much less generous and still done the deal. And that means they are making out like bandits while avoiding proper shareholder outcry about that, just by doing the dirty deeds under the cover of threatened vastly more dire dirty deeds, threatened to create perceived risks of predicaments that were never going to happen... without equally dire results for those acting as for shareholders.

The good news, for me, is that I bought shares today just minutes before the close... so my upside is looking pretty good... and my downside is more limited than it could have been...