Sorkin and St. Louis are doing nothing wrong. They have been honest as best they could by making it clear that the company felt it was best for the company to allow debt to convert to shares and there is more to come. On the back side, of course they claim that no restructuring is planned at this moment, which I believe them when they say that. Now, once the debt if fully converted, that will be a new moment and that plan IMHO will change to a full R/S.
While I do not think they are doing anything wrong, I do wonder who exactly is buying into the new protected preferred share class? I would believe in the event of a future R/S, that class would be protected along with St. Louis.
News 
Market Data 
Discover 
