RE:RE:RE:RE:RE:RE:Ni dipped below $12 during today's session Thanks for your explanation. Conceptually I am having difficulty with point 2 in that had Sherritt diluted the existing shareholders Sherritt still would have been the owner of the assets, had a cleaner balance sheet and would not have sullied it's reputation in the fixed income community. With the new information you have provided, you have made the case even stronger for the company to pay off their debt as fast as possible, because if the default solution to a bad balance sheet is to punish the noteholders for lending the company money with no consequences to the equity holders in the case of a necessary debt re-structuring the high yield debt market should be closed for this issuer.