I bought back is a couple of days ago. Looking more like dilution won't be the risk postured... both as a function of the bump to 11% and as a function of share price. Note holders now have two interesting options... take the 11% bump, or convert some notes into shares that are moving up like a rocket.
My guess is that Goldman did their math pretty well here... that what they'll end up with now is only a partial conversion, one that reduces the outstanding debt for shares at an average price closer to $1... and that, post conversion, gives them more cash then debt.
The kickers will include that the buyout talk will likely be back on the table soon. An XJT with even less debt would help a lot of airlines with their balance sheets... at a time when the entire industry is looking at a turnaround from a bottom that isn't as ugly as it looked like it might be...
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