I think we could really evaluate this more precisely in August (only 3 months ahead...). The main issue with this deal is not the exchange rate increase, but the exchange is the holder's decision now while it was the Company's under 2012 Notes term. This could be the big issue for us as shareholders.
It's a little bit ironic, but we have to hope that this step was a really bad one, because if not we will be below $2.86 by the end of 2016.
I am still not understand why we could not wait to see the first 1/2/3 months of KOWA effect and receive the decision of OND / Dr. Jenkins. (and btw: do not forget that they announced it 4 business day after the 10-Q / CC ...)
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