Randy, I'm sorry to say this is far from a net positive for BKN...

Randy, I'm sorry to say this is far from a net positive for BKN and its shareholders.

All the upside optionality rests with Champ/SK, and they get paid rather handsomely while they wait for the chance to exercise that optionality (and as time goes by they get to be paid even more handsomely!)

While BKN shareholders are left to grind out the turnaround knowing that when/if it eventually occurs, they have to share a large part of the upside with the company's new "re-capitalisation" partners.

In my opinion, this is a woeful outcome for BKN shareholders.

But I guess when your back is against the wall - as Bradken's has been for some time - you don't have any basis to call the shots.