Tangible book value is not a moving target. Before you make ignorant comments like that you should do some research. Tangible book value is close to liquidation value. It does not matter what the impairment charge that the company takes. It is how much the market is willing to pay.
the bond holders are taking a tremendous loss with the equity conversation. You have to remember this was convertible debt. The bonds were never trading at par but substantially less. I do believe this company will be sold for tangible book value.