It makes no sense to convert from a fixed 8% return into a common stock paying no dividend and according to other forums is headed straight for bankruptcy. Being a preferred shareholder they get paid right after the debt holder aka Orbimed and the mortgage company.
Perhaps people on other forums have it wrong. Perhaps a Strategic Partner is going to be found. If that is the case the common stock would be worth considerably more than it is now. This would be a very sensitive time for UNS so they gave into the extortion reserving the right for arbitration. This is one of those famous last minute "wrinkles" that have a habit of popping up just as a deal is closing.
I don't want to paint any other picture than sharks in the water. I would love to know what the default was. Additionally what is the hurry to convert into common stock which puts "the fund" into a worse position.
These truly are the Hungry for Money Games.
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