Alas that’s very unlikely, much as I would love it. Even if such a resolution was legally effective, I expect it would fail because URF holders might also need to be allowed to vote as it would affect their rights. However, I would welcome comment from a legal expert on this suggestion. I was shocked how much the URFPA fell after the termination. The Issuer ie the Fund has always had the right to convert the prefs from 1/1/23- that was explicit in the terms of issue. I fear it is now inevitable, as the RE of the Fund will want to avoid the distribution payments from 1/1/23, which is the first time they can do so. The fact that the yield steps up on that date means it is even more compelling for them to remove this expensive type of “debt”. I would do the same in the RE’s position, much as it pains me to say so. They have the right to convert the prefs from expensive debt to “free” equity on any 6 monthly Distribution Date, starting from 1/1/23- so why wouldn’t they? They won’t care about the pain that the URFPA holders will suffer, and the 205 max conversion ratio will limit the dilution of the ordinary units, thereby increasing their value. How this affect the anger felt by the different classes of investors who were urged into this shambles by the Dixon Advisory people is hard to say.
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