RE: RE: dear bondholders "oh.. and if any bondholder believes they will "be made whole"... think again"
LEE debtholders are whole. It is the only way the present shareholders could exist. It is not arrogance Lestat...It is the law!. If YLO offers a plan that allows a portion of the present shareholders to carry on, then it would have to be a deal with no haircut that we are freely willing to accept.. We have the law backing us in this matter, so it is not a "what if"
Oh by the way, LEE made an initial offer to their debtholders, which they rejected. They were forced into bankruptcy because of their inability to pay the April maturities.The present situation is more proof that debtholders are in the drivers seat. Not one penny of debtholder money was given to the shareholders because quite frankly...it is illegal ! There is no scenario where YLO debtholders will be "Forced" to take a haircut while shareholders keep their equity. Either the equity is surrendered or we are left whole. Any plan we formalize will be forged around those 2 options.
If you are unsure of this then go to your bank and ask them this question about your home mortgage. Ask them if there are any other options other than paying your debts to them or losing your equity?...There answer will be no. If the bank is not made 100% after the sale on the repo then you do not even get to keep the garden shears.,,,It is just the way it is.