If your name isn't Wells Fargo or Bayside/HIG, you've been badly served by Management.
It's interesting that there was ~zero discussion re: the circumstances surrounding the May 2012 Financing. Perella Weinberg frames everything about the DIP financing negotiations w/ the various parties purely in the context of October-onward.
It seems to me that everything boils down to the propriety around the process by which the Company negotiated the May 2012 Financings w/ Bayside. The outrageous terms begin there...
Are you suggesting a very cheap LBO is in progress? I wonder if the current management will participate in ownership of the newly structured company? BOD a bit exposed as well. I think you're right about fireworks.