I suspect the Bondholders presumably based in US don't look at it that way. These buggers would have Flano and board on a tight leech in order to ironed out that deal to breadth life into the operations. The risks are spread to the contractors who prefer being given a chance at some cash flow hoping IO will pick up and the holders who would be grateful for a second lease of life on their sorry state of exposure.
When the stock relisted for trading, I recalled a lot of transaction went through. I suspected it was the profit taking shorters who made up all the volume and some bottom pickers who thought it was bargain hunting. The spin about forward sales hedged at a higher price was probably true but it was just a matter of time like what is happening now. Unfortunately you can only flog a dead horse so many times.
I don't know if this stock can still be shorted but the smarter thing to do for the trapped bulls would have been to hedge at the highest price possible which would be under 5C cap raising price, the entire capital invested position sizing and hope for it to go VA or kaput. That was most CFD providers would honor the entire 100% gain in the short position to mitigate the entire long position and come out break even.
I suppose psychologically it is easier to talk than do.
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