luuuuurv dat bot, page-7

Firstly the bonds don't expire, it's a bond holder option.

Secondly everyone is jumping over themselves for bondholders to exit.

If the bondholders exit and ask for cash, then GDO hits the cover option.
- The cover option has an unknown interest
- More importantly, we will enter into a hedge.
Not by choice, but simply the financiers call the shots and they will want cover themselves.
Ever heard the line "bend over this won't hurt a bit", well some might say this applies to mac bank and similar.

Sometimes you are better off with the devil you know.
If you think the SP will fly north because the new arrangement is better, then list why.