You are correct on the .43. Up from here is as good as guess as anybody elses. Ripe for manipulation with the amount of shares O.S. and the penny stock price, so who really knows for sure. Only thing I think is a given is that there will be a reverse stock split, likely before June. However, a reverse won't change the company fundamentals. In the mean time IMO the stock price could go over a buck. At least that's what I'm risking a few thousand bucks on. If it doesn't happen, I won't be surprised. Anyway it's my money. Screw what everyone else thinks.
Your impression is not quite correct. The bulk of the stock (about 1 billion shares) were given to the former bondholders as part of the D/E swap at $0.22698 p/s.
The new $70 mm Convertible Bond, (YRCW had only sold $50 mm thus far), is indeed convertible at 43 cents a share. The total $70 mm issue represents about 163 mm additional shares on a fully diluted basis.