FirsovaIf the hybrids are junk bonds what does that makes the...

Firsova

If the hybrids are junk bonds what does that makes the shares???

The hybrids don't want the company to collapse - everyone loses under that. Hybrid investors just recognise there is far more upside in their security than the ordinary shares.

I have no doubt that the Board thought that a 250:1 offer was fair value. Unfortunately, basically no one outside the company, or any rational investor for that matter, thought the same.