The extension deal is a reflection that the Enterprise Value is going up here almost every day...and is HIGHER than what it was when the CEO made a bid for the company a year ago (imho). Common holders will capture most or all of that increase...unless the CEO finds another financier, and tries to come in and buy it out again.
The financial leverage here is going to make this one a huge winner. Use leverage in your favor. Buy companies like EMMS....NOT companies like YRCW.