Oh come on now, the explanation is an easy one. If a company has so much debt that they cannot pay it, what does that mean to you?, if they do not do this debt for share swap what do you think this company would have to do. And remember for companies either a chapter 11, restructuring or chapter 7 liquidation. Chapter 11 being the more likely. That's what happens when you can't pay your debt, even if it is to the majority stockholder. Debt and Tax laws take precedence over personal feelings.
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