Wouldn't it be set up as a put option (Galaxy seller) if...

Wouldn't it be set up as a put option (Galaxy seller) if Deutsche wanted to guarantee repayment? If its a standard call option, Galaxy can simply choose not to exercise a call option (and why would it?)?

I appreciate the feedback. I stand corrected regarding the maximum upside for GXY (whatever price the call options are in the money). I don't think we can simply imply the exercise price from the announcement.

Whatever way we want to read the tea leaves, I hope we can agree that a simple loan or equity issue would have been much more transparent.

Thanks for the stimulating discussion.