Explanation of "sticky note" status for 1484.
First, I have no ill will against h_man-investor or anyone else here. I just want to make sure there is a record of the "over/under" when it comes to timing.
In theory, if the tender that I predicted in 2010 would be 100 percent successful at $5, equity will become positive (5 million x $20 = $100 million). It won't. It will take a higher offer.
I would also like to clarify my definition of "run rate". Normally, this would pertain to operations. This is a salvage operation, so I meant it in liability management terms. The management of SKRRF is going to seize whatever opportunities exist to buy back the "right side" at a discount. You get a double benefit from buying back liabilities - creates gains from early extinguishment of debt and lowers interest expense.
The big difference between distressed companies and Q's is that management of those in Chapter 11 cannot do any "right side" work. It requires a payout in a plan.
And I like to buy Q debt.
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