They never told us. But I'm sure it was their friends. And the friends are probably still holding onto the units, and will tender them in the exchange offer, unless too many people catch on, driving up the price of the units, in which case the insiders would just sell the units on the market.
The losers, in my opinion, will be the common share holders who are probably mostly retail investors- the ones who got suckered into the story of a turn around through paid advertisements, and are hoping to recoup some of their investment, holding on to dear life. Instead of trying to prop up the common share price in order to prevent dilution, management cuts this exchange offer to give even more shares away for free to their friends who are still holding on to the units. It looked like a scam from the a million miles away, in my opinion.
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