lol you are missing the point so please allow me to explain....

lol you are missing the point so please allow me to explain. I’ll make it as clear as possible and hopefully you will understand.

Noteholders can elect to redeem the notes into cash. However, how can the noteholders get their cash when the company isn’t in a financial position which allows them (the company) to make such repayments?

If the noteholders elect to redeem their notes into cash, and the company does not have the cash and is therefore unable to pay its debts when they fall due for payment, the company is technically insolvent.

If the company is insolvent, the noteholders’ chances of getting their cash back are even lower. Hence my initial comment, it’s better to take a 30% loss than a total loss.

All in my opinion.