My best guess is only the secured notes are swapped for equity.
I can't understand why their equity investor would shift maturities from 2018 to 2021 like a month ago only to swap for equity now, why not do that then and rip the bandaid off? Surely the unsecured notes trade for cents in the dollar if only they had the cash to mop them up for peanuts.
That's the optimistic case, the base case scenario is still probably yours.
BLY Price at posting:
10.5¢ Sentiment: Hold Disclosure: Not Held
