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Re: Another way of looking at PIK bonds
From the new bond proposal: "14.2.3" Until a Transaction Propsol or the Super Senior Funding have been approved by the Bondholders, the Issuer shall provide: Then it go on to give the information convents which you are referring to above. So once either is done, no more communication covenants, so no more reporting back to the master. As far as the some one looking over your shoulder after the communication covenants are gone. This is what the independent directors powers will be. The only thing I can see is, if there is a disposal of property he/she has to vote yes to it, that's it. Nothing else out of the normal, even the last one which states he/she can communicate openly with bond trustee. This just goes to show that this management team is open and honest. I don't understand why everyone thinks these guys are a bunch of idiots who haven't thought this out. There's a reason for everything. They're trying to cover their bases the best they can and I would say, so far, they're doing a pretty good job. |
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