Pretty simple. They have no exit strategy. They can't sell the entire thing or pieces and they are trying to maximize value before the mandatory convert. That's why they bought the common and did the tender. My guess is that they tender before the convert which is May 2016. Then after that it's a waiting game until a liquidity event.
They can't tender until after the lawsuit is settled so that is a big determinant. $18 is my guess and I'm happy to take liquidity.
Realistically you need to look at a preferred with no coupon and a redemption at $25 in 2018. It's it worth the wait?
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