I like to think of it along the lines of:Those existing holders,...

I like to think of it along the lines of:
Those existing holders, whether instos (90% already confirmed) or retails (TBC), who participate in the raising will have 80% of their original proportionate ownership than before this mess started, but at a cost of tipping in materially more money(!). Those who don't participate and sit pat will be diluted down to 40% of their original proportionate share (ouch). Very few winners really, with the notable exception of the new ($115m) 'placement instos' (reportedly Bain Capital et al.) who scored their initial holding at $1.70. Still, it's pretty early days in this whole global travel shutdown regime and I guess time will tell just how smart the timing of their play pans out. I hope it works out for them because it if doesn't, it will mean even more pain for all the other SHs too who are sitting on the registry with higher VWACs.