It's not like the bond holders are in great position as Coface is the creditor with the standing. Thermo/ Gsat and the holders will come to an agreement as its in their best interest. They are both negotiating hard and Jay is not going to give the company away with final launch done and FCC announcement imminent. . My call is that they settle and FCC gives them some limited use to monetize their spectrum. Jay said in the cc that they were already testing with partners. If this scenario plays out and they pick up some market share from iridium for the sat service than .28 is cheap as the marketplace is giving spectrum O value. I also like that QCOM put on a substantial position last quarter and Thermo has not played their last hand yet. My bet is they see this through!