The current common share price vs notes is undervalued, based on the historic norms.  In the pass the notes trade at an  average of 15x higher than the common  shares price.   Currently the notes are trading at 55x that of the common shares.  Hence an upward revision in common share stock price.

In 2013 when NKO had many issues the notes were traading at an average of $100 vs common dshare at an average of $6.50 which is 15x the common shares.   In 2014 when NKO was deemed bankrupt the notes were trading at an average of $30 vs the common at an average of $2 which is 15x the common share price.  You can even do further due dilligence and see that the average in a year for notes vs common shares is 15x higher.

Those that are saying that the notes are undervauled, they really do not know what they are talking about.  But in fact the common shares are undervalued based on the historical averages.  

Even taking a 5x increase for common shares vs notes.   That then will have the common shares at a price of over $1.00