You’re making a lot of assumptions based on a partial view of a restructuring process.
When assets are consolidated, exchanged, or moved into a holdco structure, it’s not “removal” in the way you’re framing it. It’s a capitalization and governance decision. Exposure does not require direct line-item ownership on the same legacy balance sheet. It requires an economic relationship, which can be structured in multiple compliant ways.
Convertible debt and preferred classes are capital instruments. They are not evidence of collapse. They’re tools. The quality of a balance sheet is determined by structure, runway, and forward operating capacity, not by whether it looks clean in a single transition quarter.
Calling it a lie because you disagree with the structure does not make it one.
Restructurings are messy on paper before they’re clear in execution. If you want to debate strategy, let’s debate strategy. But pretending this is some gotcha moment doesn’t make it one.
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