OK, what do you all believe the value of the Convert is right now? (That is MM and CC's pref's)? Best way to judge it might be book value, right? How much is that? And then, how the hell do they get it out of the company? Do they wait 7 more years, then convert? What is the alternative? How do they fare then? Does anyone get any value under that scenario?
Simple questions. Would anyone care to guess? So far, I have not seen a correct answer.
Forget about wriring new business, Ch 11. Those are, in my mind, secondary issues. MM and CC want their money back! Bet on THAT one!!
