RE: RE: RE: RE: what were they thinking?
Is it safe to agree that the only supporters of a recapitalization are the MTN's?
No, that is not safe. The common shareholders have seen their shares more than double in price since the deal was announced. Most of them will probably vote yes. The preferred shareholders have seen a similar gain and will presumably see a further doubling when the deal is finalized and the preferred shares move up to 12.5x the common price. Almost all of them should vote yes..
I frankly see no reason any other share classes would support such a desparate manuever. Frankly, this recapitalization is almost purposely stupid. I feel like the idea is to play chicken with the banks.
The two classes who were badly treated in the proposed deal (the banks and the convertible debenture holders) are paying real money for lawyers to oppose the deal. They are not posting to public message boards looking for lawyers who will work on a contingency basis. :)