DISCOVERY AIR INC 8.375 PCT DEBS T.DA.DB.A

Clairvest Conerts Debt to DA Defense controlling interest

[Alejaho]

From today's announcement:  "Following the completion of the Conversion Transaction, Discovery Air will have approximately $60 million less of secured debt and will continue to own 26% of DA Defence.".  So, as we feared, the crooks at Clairvest had insider info on DA Defense's pending multi billion deal and wrote up debt refinancing convertible on pennies on the dollar.  Please note that there was no objective valuation of DA Defense before this convertible debt deal was arranged.  Minority interest has not been fairly dealt with here!

So, there is a strong possibility that DA goes backrupt next spring when the debentures come due.  Also, you'll note that all of DA's revolving debt, held by Clairvest of course, is secured.  Clairvest are playing unsecured debentures for fools.  I just wonder how long a class action suit will take to wind its ways through the courts.