That is a nice incentive to refi for sure. My credit card has a...

That is a nice incentive to refi for sure. My credit card has a lower interest rate! So PNA will do whatever they can to refi before July for sure. Has anyone done the interest cost analysis and what that does to their 'positive cashflow'? I suspect the GSJBW analysts did the sums and figured that this will just allow PNA to stay above water at 12% but definately under at 15%. Think about it - they want out and they are making it worth PNA's while.

Now think about hte 10.5 strike price. 10.5!! Their last estimate is mightily underwater so they weren't going to get this wrong. And watch those 75million get cashed in and sold as soon as possible. The first 75m are set now right? Pump and Dump for sure. Watch the price rocket, millions get sold in and then the price depress once the average punter really figures out the state of affairs. Meanwhile GSJBW is holing their profit for this year and last.

So, 75m at 10.5, exercise them and sell them at 15 gives you 3.375 million in profit in a couple of days. Not bad!