Ann: Chairman's Letter to Noteholders, page-153

Do you have any understanding what so ever how to value these shale assets. What part do you not get , that below $40 you can't make money out of this asset which is the only reason someone would buy it. Why do you think coal assets are being sold for $1 to get them off the books. There is no mystery why it is worth something to some one if oil is heading back above $50 but worth nothing if oil was to stay at $30 for ever, so sentiment is also important and we have had the worst sentiment in a decade or longer.
You keep whining about their being no conditions but deals fall over every day particularly in volatile times, with much bigger , reputable companies with even take over offers always trading at a discount because there is always execution Risk given there are two parties one of which you have no control over . My experience is that no deal is done until the money is in the bank . Had the stock continued to trade it's likely investors would have made their own assessment of risk / information and I highly doubt the price would have maintained that level but of course making predictions that the stock would have done this and noteholders would have converted even though I'm not aware of note holders ever converting ...remember you keep telling me they don't like equity risk ??but of course it suits your argument now.