Has anyone determined if the debt is convertible automatically upon a change in control? If not, all the proceeds will go to the creditors and the longs will get what they deserve for the error in their ways.
Distribute the cash. Fire management for cause. Melt the equipment and use the cash for a special dividend. That is value creation.
I must admit, I thought they blew this one. But now I am getting my dates to go to Olive Garden. I always ask for a little extra oil for my salad--serves as a great lube in those tight booths.