Ann: 2017 Bondholder Consent Solicitation Launched, page-13

Why would AM keep this going for 6 months on a binary bet? A little too much risk as costs go up as grade goes down.

I'd think a fair amount of bluff and double bluff in this. CNNC conspicuous in the absence. I do not think CNNC are reeling from this at all. I'm not trying to be negative Nellie (in fact I think PDN holders will do OK)...but in art of negotiation, I'd argue that party saying nothing has the best cards to play. They don't need to. See what AM presents and work around it. They can always come around and make an offer at the last minute. Why make it now? Too many questions present threats (not opportunities) for PDN. So let them fester a bit until it's all too much.

But like I said, what is the point of drawing out CNNC? Wouldn't it be the other way around?

Cheers