What the "New" Anderson will look like
Series A debenture holders will own 48.9% of the company. Series B debenture holders will own 45% of the company, totally 93.9% of the company. The bagholders (shareholders) will own 6.1% of the new company. New company will have 2,832,000,000 shares outstanding. This is pretty close to a new record I am sure, good to see the dream team is good at something. Debenture holders will get some hush money for taking the deal, about 3.5M dollars. If they refuse, they are still doing the deal but no cash. (similar to a gun at your head). So right now the 96m in debentures are trading at 30c on the dollar which works out to 28.5M dollars, which is quite a bit for this company at just over 2,000 boe/d. I cannot ever see anyone giving this management money again, so the next five years will be about taking salaries, keeping production as high as they can, issue lots of options and ride off into the sunset with your money. What a great deal.