Arcan Resources Ltd ARNBF

RE:Is this legal?

[teevee]

First, there has to be a vote on this. Second, why would debenture holders vote against the plan as  the debentures are unsecured. The banks hold the security for the line of credit. With the debentures being unsecured, I expect the majority of debenture holders will gladly take the money and run. I believe equity holders will also vote in favor as their alternative is zero.