PWC Capital T.PWCPRB

RE:RE:RE:Why would Series C noteholders vote for this?

[esviagra]

Patrick George and insiders do hold some of these notes - unless his vote on the matter doesn't count in the bond class, I don't see how the resolution can be defeated.

Insider has both notes and shares, but I can see them sacrifice some of their note value as they'll extract it back on the shareholding.  After all, even with a sale of VB at book value, there's not enough money at the prevailing prices to pay everyone off (PWC has negative equity, no money left to pay the commons off assuming everything is liquidated at carrying value), so shares will be distributed instead as a settlement.  Instead of waiting for another year when the clock is starting to tick, they are orchestrating this to get a dis-proportion amount of the asset.