Ann: CNNC Purports to Exercise Langer Heinrich Call Option, page-64

Sigh - just when I thought you had become a bit more reasonable and balanced.

"CNNC don't have to buy LHM at fair value." They do IF they do so under the clause they've triggerd. Honestly, why do you keep twisting stuff?

"They can just wait and let CIC not agree to the bondholder deal"
Pure conjecture - why would they trigger the clause if they were in bed with CIC and knew that was the end game - because they're bored?! FFS.

"PDN are telling us that a "solvency-related scenario" exists."
Once again you show your lack of understanding of business terms and, ya know, English.

Solvency is the ability of a company to meet its long-term financial obligations.

You're thinking of INsolvency.

insolvency
ɪnˈsɒlv(ə)nsi/
noun

1. the state of being insolvent.

Is the situation potentially dire? Sure. Is there a lot of risk? Yes. Is there a LOT of uncertainty? You bet! But lets at least TRY to stick to the facts of the situation as we know them, sheesh!