I think you're right on the money. Using past history as a lesson, they will convert enough debt to force this to no bid, then use the argument that they didn't have any choice but to do the rs "for the good of the shareholders".
Then they'll do a massive conversion at the no bid bottom, and start the pump all over again using phrases like:
Low floater!
New company!
Future looks great!
The only real question is the rs ratio that will be used. Will it be a modest 200:1, or the 1000:1 again?
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