While technically the notes terms you have posted are...

While technically the notes terms you have posted are unequivocal, it is reality that will dictate the day.

If the noteholders called in their money and by doing potentially killing off the sale, then they would be cutting off their noses to spite their faces. Shareholders would get nothing, but noteholders would only get the Breitburn shares and some worthless dirt that they took from $250M to zero out of stupidity.

If the noteholders are intelligent and it looks like the AZZ shares could be worth more than 70-75 cents etc, then they would be better to sit tight and let the deal go through, then convert to shares at 3:1 and say thanks very much.

Try and use a bit of common sense folks.