RE:Some News on Concordia - Thoughts?Makes a lot of sense for unsecured note holders to propose something like that - pay out the secured debt - at parity, then the unsecured holders are empowered to negotiate a lot harder.
back of the napkin - 500 million for 90% of the company.
10% remains with current holders. 52 million shares in the float for a prescribed value of 55.5 million - not quite the score that others have claimed - but not the obliteration that I assumed would occur.
500 - 600 million does make much of a dent in the overall indebtedness of the company. Hardly the solution management will be looking for. If accepted - you can be sure there will be a spike in the unsecured notes as they move up the foodchain.
As stated - unsecured notes are probably the place to speculate - if you can source any.