RE:What happens?I saw this many years ago with Huntington REIT. Same issue where they redeemed the debentures with units. The price of the common units plunged when it was announced (like Data Group) so the debenture holders ended up with 90% of the company. The shares doubled in value shortly after the redemption so the debenture holders came out smelling like roses while the unitholders lost pretty much everything.