AZZ Opinions, page-116

I think the problem for some is that they expect noteholders to think/act like shareholders. They wont. All they want is their money back. They would be concerned that JC being such a large equity holder will be holding out for a better deal. They dont need a better deal, they only need/want a deal that returns their caplital and not a cent more. Very unfortunate position for equity holders but thats the reality im afraid