$BB Dugstr's scenario below is hard to argue against. Occam's Razor comes to mind. A few additional details would be that the debentures are paid off in full, unless of course the sp spikes and Fairfax & the unnamed investor take advantage by converting/paying their $365 loan for 60+m shares at $6/share. Another detail worth thinking about.... If Chen signs on for an extension, will he get a bonus similar to the one on offer until November 13? For example, the $90m paid out if the sp hits $30 USD. If both the debentures and the giant bonus are out of the picture by the end of this calendar year, that would probably re-ignite some takeover action.