why they offered more to the convertible debenture There are two possible reasons:
1. To get more of the debs to vote yes. If that was their goal, it doesn't seem to have succeeded.
2. To weaken the debs' case if the vote is successful.
Before today, the convertible debentures had a very strong argument that the deal was unfair to them. They outrank the preferred shareholders but were getting less. Simple and unanswerable. What is their case now?
The banks' case is just as strong or weak as it always was, but they are being treated exactly the same as the MTNs who are supposedly getting a sweetheart deal. It won't escape the judge's notice that the banks stand to get 100% of their money back if they can run out the clock for the next 5 1/2 months.