Merger is a possibility. There is a lot of money on the table. No position but will jump in when this moves one direction or the other. Looks like Windstream is in a more favorable position at the moment. Good Luck either way. Definitely worthy of keeping on the radar.
If not a merger then the Master Lease Agreement may have to be renegotiated with UNITI. WINMQ is paying out $ 650 M annually and only about $ 200 M of that is paying down the principle. 10% interest on the Principle.
It looks like the current cash flow issues of WINMQ started with the spinning out of UNITI in 2015 and the lease back agreement - MLA.