Marayatano,
What do you think about the debt-for-equity swap being a possibility? You may have already shot it down in an earlier post, but I didn't go back to check.
Is it feasible in your objective way of thinking that the debtor could get enough in an IPO to cancel a big chunk of the debt (that would then be discharged) and then pay COD tax on the difference.
Is there anything about this scenario in your opinion that that is impossible or even extremely unlikely?
Whether or not the CTs, prefs, or equity get anything as a result is a separate issue, but can you justify why this path won't be taken, if that's what you do indeed believe?
You may think another path is more likely, but is there a reason why this path isn't valid?
TIA!
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