D4E ratio, page-271

since the CEO has under his control the staff , the WIP and the brand he will soon be telling the debt holders " " you paid $250million for your debt. Here are the terms acceptable to my team : you take a 50% haircut on the face value of the debt , so we owe you only $350million , you can convert up to a maximum of $100million into SGH stock at current prices [ let's say 20 cents], over the next 5 years you can convert another $100million of debt into convertible notes of 2 0r 3 tranches at a conversion price of 40 cents, 60 cents and $1.00 , we will pay a maximum of 8%pa over the bank Bill Swap rate in quarterly payments of interest and we will commence amortisation of the $350million in principal from 2018 . We will apply any surplus arising from disposal and/or settlement proceeds of the Quindell's UK business to pay down the convertible notes."