Maybe a dumb question. If the tender isn't fully subscribed, why can't CLF issue the Secured Bonds and use the proceeds to buy back the Unsecured Bonds on the open market? Basically, they piece mail the tender and get much better prices.
I still predict a BK by 2018. Secured Bonds get paid. Unsecured bonds become the future equity. Company survives. I hope I am wrong.
I only wish individual investors could have participated in the tender.
Any thoughts if Hedge Funds are still shorting equity and buying bonds? If so, that would be the best bet of a fully subscribed tender and would explain no move in the stock price.