RE: to me its all about the book priceNot sure if I follow, exactly.
But here's a question; could opti purchase all of the sub priced bonds at a negotiated price, thereby reducing that debt by the discounted amount and add that discounted amount to their overall borrowing limit.
ie.....purchase $800 bonds for $500 (borrowing $500) , but eliminating $800 of debt for a net change of $300 debt reduction. Bondholders get a 30% gain over todays price and OPTI has a little more cash to play with.
ORRR, just renegotiate that $800 debt. I guess that's what they've hired Lazard for.
Giver