I think it would be better for everone if the banks just said something like this:
"Hey you guys are really nice and you've all worked really hard to stabilise the business and we love your work. It wasn't nice what we did deciding not to rollover your loans. We realise now that it was a dog act so don't worry about the debts, we'll just write them off like our Subprime mortgages, CDO's and all our other bad investments". Take a holiday Glenn you deserve it, and we also think a debt to equity swap is pretty slack on your existing shareholders. Don't worry about it and have a nice day".
Now wouldn't that be something!
CNP Price at posting:
8.7¢ Sentiment: None Disclosure: Held