RE:Warrants strike priceI think the strike price was set at $28.16 because that's the price at which the (former) debt holders who received a combination of senior notes, subordinated notes, and new common shares would break even.
By giving the (former) common shareholders warrants with a strike price of $28.16 and a long term, Yellow Media said that the (former) debtholders' interests take priority until they are made whole but after that the (former) common shareholders will get a bit more of the gains.