Wouldn't surprise me, but even then, didn't Glaucus do their homework for them? Very astute move perhaps, the FW resignation and alleged takeover talk - maybe stopped them running for the hills. (And by the way just because FW said he was pursuing a takeover, we have no way of knowing if he actually was).
I guess my other question is, what is the actual advantage of a debt for equity swap? If the company is worth zero, as many of you are contending - what is the advantage of these creditors owning 80% of nothing as opposed to their current percentage of nothingness?
Ann: Extension of Voluntary Suspension, page-74
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