It's in Cyrus's interest to keep this turkey alive and be able to dribble out stock over time rather than kill them off too quickly. Spere's cash position is perilously low... whatever they raise in offerings gets spent fast on their continuously money losing operations..
Debtholders HAD NO CHOICE but to receive interest payments in stock, they than sold it in the secondary market. Go read the covenants.If anyone was shorting at 35 cents, they deserve to lose their shirts;no different from longs that rode it all the way down.