All looks Rosie but 14 years later JPS an't going to settle for peanuts when their contract is, their legal contract is Par !!!!
I've listened to you both, ano and you back and forth. Not sorry for speaking up earlier but my personal belief is you are both stumped! I'm here to invest not give my interpretation of events.
They probably won't be or don't want to be, but juniors have contract protection and thus it's going to take a very amenable conversion rate to moot the lawsuits. So they may as well take care of juniors in the capital structure and then they can use their warrants however they please.
I clarified later the 8% was $32B of a $400B EV (both estimates as in the best case similar to the CBO estimate). I use Enterprise Value instead of Equity Value simply because there is so much 'dead money' in the capital buffer that it really (in my mind) doesn't count. I view it as overhead for lack of better words. But the market will view it as insurance (after release), and thus should result in a higher multiple.