Yeah the thing is tho is figuring out “who this 130b is held by?”
Because if 100b belongs to LBT and the 100b is converted to the designated LBT entity, then that would leave LBHI with 30b of debt to convert which isn’t a lot. I have a gut feeling they will just give us those unissued non-cumulative preferred shares. I suspect they will give them to us @$25.00 but we won’t be able to sell and they will drop down low to perhaps like $5 a share. But if you hold for a while I think they will then go back up to the $25. (IMHO)
The final outcome I’m envisioning is:
1. LBT request their shares from LBHI
2.LBHI gives LBT the shares
3. LBT forms the new entity, and whatever portion of that $130b that is LBT debt is converted to equity in this new entity.
4. LBHI converts all OR part of the rest of the debt to equity in a new LBHI entity.
5. As part of that deal, we get the unissued preferred’s. Old commons and preferred’s get wiped.
6. Merger/spinoff & IPO. The all OR part of the debt that is converted to equity may be offered for the IPO. Since legally the creditors OWN LBHI, they can sell their shares to raise money for the company and then continue to operate. It would be like they hit a big refresh button 😂
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