ye but if we all elect for repayment and they have not got the...

ye but if we all elect for repayment and they have not got the money, then what would happen.

They would be better to take the noteholders out (admittedly at a considerable discount) than go through the pain of all of this. Or offer a lower B note to the banks A note and kill off the bonds that way.

Obviously people would be foolish to expect a $1:$1 swap for these B notes, but at 1:3 or 1:4 may be required to make it happen.

Interesting.