Of course you are right. However my experience is that the toxic lenders pretty much stand aside when it happens....as long as they feel they can get and dump shares at as much as a 90% discount. They make much more money that way. And of course, the "longs" pay the price through massive dilution.
The next round is coming soon as 6 months approaches for the "new" toxic lenders. When that happens, I believe we will see trips.
True. But the "dividend" wasn't really a dividend. It was a "stock dividend" which is essentially a forward stock split. No assets were ever distributed so they really weren't in default on the toxic notes. Nothing more than a typical Wade PR stunt to sell shares to naive penny investors.
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