I really do not think this ends well for retail but this latest agreement is far and away better than what I expected. Maybe the plan is to dilute the remaining shares until little is left or maybe tenor is actually taking a higher road than what I would expect from a hedge fund. the bond guys keeping their mouth shut for 20% interest is a huge win for CRY although once again it may make no difference. Management bought some time and remained in CCCA, thats as good as this situation could get while the arb process continues.
Yes, it can happen, and so can the dividend. However, why file under the Securities Act of 1933? I had this conversation with Enforcement in Washington DC, and they asked the same thing, why not an Exchange Act of 1934 registration? The only problem I see is DTCC will want to renew the source of each and every share before they will be cleared for transferability. I think an S-1 will bring 9 months of comments, where are a 10-12g will go through quicker.
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