RE: RE: RE: RE: RE: RE: RE: New management okay im not sure where to begin...
okay here we go... obviously its in the shareholders best interest to extend but as a debenture holder why would i want to get paid later when i can get paid today? furthermore if i extend then my debentures are going to come due around the same time as the notes... which means i probably have to agree to ANOTHER extension... why would I agree to that when I can just force you to pay me in shares today and I get 70% of the company instead of a shitty little interest payment?
The only way to stop that from happening is to get Ashanti to write a cheque for $140MM... and if they are going to do that (which they might) then obviously they have to think about the other alternative senario which would be to just buy the company outright and replace management.
so... as a debenture holder who just bought in at about 70% of face value... theres a very good chance that I either get paid 100% of my face value in shares in june and sell in the open market, or I get 100% of my face value in cash by way of a loan from Ashanti, or Ashanti buys the company and I get paid 100% of face value by them... or lastly, the comany files for bankrupcy and I have second claim on the assets behind the secured note holders... so... why would i agree to an extension?