good news for pif holders, page-15

My take on the deal is that they are sellng debt for discount

70 million debt

30 million cash
10 million two year interest free note
new securities with value 7.5 cents times 88 million

By the time you take into account loss of interest say 45/70 is the recoupment amount.

Wellington Cap needs to come clean with position and explain what it means to PIF between this and the Geo sale which depending on entry price we could have just seen 10 cents in the dollar lost to PIF investors just out of these two transactions