CORRECT1! 12/03 debt can be paid with stock so default is remote and covenants are always waived. martin is smart blowing this smoke right now
with waivers and stock available for payoff---what's the fuss. This is just posturing--I agree. Debt is convertible into stock at market value
that takes all the pressure off Elan having the stock exchange option for debt. this is just a big cry to get the SEC and lenders playing ball.
I see the reference in the 10K. They can pay 12/03 debt with stock--Whew!