Any time a company wants to give you stocks as par, please invite me. I will take out at loan from the bank and buy all the stocks you have a par. I mean, seriously, this is just an automatic cash cow for the 7 parties involved. I wonder if we'll even know who got a piece of the action. Could it have possibly been long-term debt holders that demanded some liquidity? Could it have been some employees and management folks who wanted access to some $$$ in cash stapled times? Could it have included the company's general treasury and its subsidiaries in order to gains access to quick cash? Theortically, Exhibit A says it isn't the company or anyone who controls the company...but, who knows - but from the outside it appears to be a pretty boneheaded agreement for the company.
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