hi guys am buggered, but I believe from all accounts:Debt...

hi guys am buggered, but I believe from all accounts:

Debt swapped is $1B (+ interest) at fixed price of 13 cents / 14 cents. So there will be ($1B+interest)/0.13 number of convertible notes and thus shares issued at a 1:1 conversion basis in 7 years time.

if SP is $0.50 in 7 years time then in theory, the banks have made $0.37 cents per share and they will be laughing. BUT the smart thing that GR has done is made is SUBJECT to S/H approval at time of conversion. I believe this is not a 'standard' hybrid, but a more 'structure' hybrid due to this condition.

No way in hell S/H will approve in 7 years time if price is 50cents and plus, you would rather raise capital in the market at less dilution & pay out the notes. Thats why I think GR has been extremely clever in this.

Sorry guys, I might be going over old ground again. I'm tired. I enjoy this conversation.