Debenture holdersAt $20, the original debenture holders had lost 80% of their investment but were entitled to interest on 100% of their investment. Now these debenture holders get 110% of their investment back but are obliged to buy shares at 16 cents which are currently worth one third of that for a loss of about 60% and they will no longer be entitled to interest. These shares may drop even further because of the 25 times dilution albeit this has been mitigated by the reduction in interest expense. Do you imagine that the debenture holders will be wanting to dump their shares incurring such a loss? Perhaps with a tightening of the oil markets they may choose to hold for a while hoping for a rebound or significantly higher oil prices.