There is another possible explanation. When an insolvent company continues to operate, the directors become personally liable for debts incurred, and this would include the $30m note ATI is issuing now. Most likely these individuals see the writing on the wall.
ATI needed a big dose of equity. They already have enough debt to kill the company several times over.
Good corporate governance requires a majority of independant directors on the board. Mass resignation of independent directors cannot possibly be interpreted as a positive sign for retail shareholders.
ATI Price at posting:
76.0¢ Sentiment: Sell Disclosure: Not Held
