No, I think the reason is this: He has spirit that thrives on being Oppressive to those (the audience here) that he feels are beneath him. The audience here is text - if he were on stage, he'd be laughed off.
They fear that without forced dilution, conservatorship lingers indefinitely, so they push restructuring to guarantee their exit, even if it means crushing commons to make it happen. He is willing to burn down common value to force their guaranteed exit, even though a clean release could pay them full par and let commons win big too. He is playing defense with other people’s upside.
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