Hi NathanYou say: "Cleaning up the capital structure is a...

Hi Nathan

You say: "Cleaning up the capital structure is a requirement for a successful recapitalization."

Let's cut to the chase, it's a requirement for survival. The longer this goes on the more certain I am that the board thought it could screw the hybrids. This plan is now unravelling and there is no apparent plan B.

To quote from The Gambler

"You got to know when to hold 'em, know when to fold 'em,
Know when to walk away, know when to run.
You never count your money when you're sittin' at the table,
There'll be time enough for countin' when the dealin's done."

The choice for Price & Co is to own 10% of something or 100% of nothing. The gamble has failed.