the last sale price is irrelevant.The banks know they need to...

the last sale price is irrelevant.

The banks know they need to take care of the bondholders, but the bondholders should recognise the situation is pretty grim.

My figure is $25-30, but it may be we get offered $25-30 worth of the preferred shares the bank is swapping into, or some similar variant.

You cannot expect to get cash. We will have to lock into the recovery process the banks are locking into and wait for our money like they have to.

The ordinary shares are toast.