RE:RE:RE:RE:RE:RE:RE:RE:pik notesWith respect I don't think that is quite right. The former senior debentureholders converted their debt into equity. Armoyan as an example was a debt holder. My guess would be he bought that debt in the market at a huge discount because that is what he does but I don't know that for sure. In addition, new capital $60m was raised (and used to reduce other debts) by issuing PIK convertible securities to a few parties Armoyan being one of them. To the best of my reading of the circular there was no conversion of debt into PIK convertibles. The "hardship" clause was used to get a sweeheart financing approved because that was the cost of the new capital. A great deal for the PIK holders. However, if you consider those deep in the money convertibles as converted (and the warrants too) and look at EBITDA from the last "normal" year (that being 2019) you will see that the multiple to EBITDA is something less than 2X. With $100m of cash on the balance sheet (including all subs) they have no immediate crisis in front of them, they are cheap, and I understand their business is fully booked to May at the moment.