Blackrock hold all the cards here as the owner of 70% of the...

Blackrock hold all the cards here as the owner of 70% of the secured debt...the put options are important but ultimately if they are exercised those people wont get their money back so they have to consider the bigger deal....if they exercised the put the secured creditor would call event of default and call in liquidator and the put option holders would become unsecured creditors and hence bye bye...

the $80 price on the bonds is where the horses mouth is hoping for a recap...........but anything could still go wrong.

bottom line, equity holders are toasted and roasted