RE: RE: Pref A, restructuring, etc Yober said:
c) some holders may elect to exercise their retraction right. others may elect to wait. have you ever considered that not all of the $250 million needs to be redeemed? i suppose it all depends on who is holding and how desperate they are for cash. i can hold knowing they will be worth at least $2 after dec 31 on the basis of unpaid dividends alone, and that is a big big gain.
Pref A shares currently trade for 54 cents. If Yellow Media doesn't eliminate these shares before the end of December, holders will have the right to exchange these shares for $25 each. At that point, yes, I think we can assume that all of the Pref A shareholders would demand their $25.