There are 14m IDS units out there. The IDS units are $7.50 for the note. It wasnt that long ago that the IDS units traded for in excess $16. At $16 that valued the stock portion at $8.50 so the company had a market cap, counting just the stock portion of $120m. And that was with 270m in debt. Now the company will be cutting their debt down to 135m. EBITDA is down by 1/3 in the new projections so the market cap COULD be in the area of $80m+a little something extra for having so much less debt. We get new equity in return for the note portion of the IDS +accrued interest (Weaver just said that). I conclude the new stock could trade for something like $85m/14m shares or $6.00. This sounds like a decent deal considering what has happened.