RE:RE:RE:RE:pik notesHugeCrane - it is relatively easy to ball park the debt service costs and compare that to a normal year's EBITDA. They have two pieces of remaining current interest debt. I think ou will find that the EBITDA from a "normal" year easily covers those debt service costs and that there would in fact be a significant amount of free cash flow.
Also, from my reading of the facts around the reorg, while the Armoyan investment was a sweetheart deal, he actually did put some fresh cash into the business.