could hit a dollar, page-32

swap

As a noteholder, I would rather accept a reasonable deal now than be left hanging out to dry for years with little certainty as to what will happen.

The big question of course is where will the company pitch such an offer and are the noteholders smart enough to smell the coffee and realise they will never get all their money back. They especially need to take into account they would get nothing if the company failed now. That realisation certainly sharpens up my thinking as a noteholder.