Scenario #3Scenario #1: Deal is done. Shareholders are happy, bondholders unhappy.
Scenario #2: Deal is not done. Bondholders are happy, shareholders unhappy.
Scenario #3: By June 30th the deal has not closed. Both parties can walk away without paying any breakup fees to anyone. Bondholders are happy, shareholders are very unhappy.
No one has talked about this last scenario. Maybe as we get closer to June 30th someone will.
Out of these three scenarios, in only one will the shareholders be happy.
What say you about the odds of a happy ending for shareholders.