If I was a noteholder, the most important thing would be to get my $2 back.
Getting a 4-1 conversion upgrade provides a little bit of upside if there is a big sale, but all the assets have to do is sell for US$50M and the noteholders are in the clear. Why wouldn't you roll over for a year, on better terms, and let the possibility of this happen?
Everyone seems hell bent on an administration. Unfortunately as shareholders, teaching the company a lesson will also give ourselves the same lesson.
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
