Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB.B

They may want to slim down as much as possible

[pennydredful]

Prior   to  the   recap , so   bond  holders  and  unit  holders buy  in to  it.  the    going  forward   entity needs to have  their  ducks  in  a row  with  no  defaulting  mortgages  outstanding.

[pennylane101]

Any slimming down would involve Armoyan and the Welch brothers taking a hit too.  

[Tree2tree]

Not sure why anybody would 'take a hit', if the slimming down involves reducing assets and debts in roughly the same proportions.  Yes it would reduce the overall size of the company, and reduce the cost of the recapitalization.

[pennylane101]

Hey Tree, I absolutely agree. Why then would bond holders and unit holders have to buy into it?   Here is PennyD's statement:  "Prior   to  the   recap , so   bond  holders  and  unit  holders buy  in to  it."    

[Tree2tree]

My understanding:   - A buyout of the company as a whole (leaving debentures intact) would only require a vote of common shareholders.   - A highly dilutive financing by issuing new common shares might require a vote of common shareholers.   - A vote of debenture holders would be required in any arrangement where the conditions of the debentures are modified (eg including partial