Last point is that the bondholders are also huge shareholders so they can easily structure this so shareholders get paid as well as it doesn't matter to them at the end of the day. Ties up a major loose string for the deal. During BK roughly 2X the the amount of outstanding shares traded hands and you know many dumped simply for tax purposes. Who do you think was there to scoop up the sub nickel shares as a very cheap hedge for their long term plans?
Sandpaints I always liked your idea of a 3 way chopped pot on this. $1.5B deal....$500M to shareholders....$500M to bondholders....$500M to FCC/Public Treasury. But I would prefer a deal where the bondholders say what the heck...pay the shareholders to get the deal done without any hitches...what do we care we own most of the old shared along with all the bonds.
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