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wilibear <br />"Is a 4th lien at $20 worth more than a $6 debenture? Sure it is to some. Make them open to all <br />not just 144A. That game is a scam." <br />Couldn't this be what they are doing, though? First, they take out the 2018 maturity using their 1 L. <br />Then, they take out as much of the rest as they can using their 2L. Once the 2018 has vaulted <br />ahead of everyone, remaining holders of debt should be desperate not to be left out in the cold. <br />So, they should jump at a 50% haircut to get to 2L (and vault ahead of those left behind). Then <br />buy up the sad remnants on the market. <br />So far, the lack of urgency has helped them. Bondholders have got to be more motivated now <br />than they were six months ago. <br />28 Jan 2016, 01:53 PM <br />briian865 <br />flip - fair points. I guess I disagree only in the sense of the order. I think BTU should do both - <br />exchange and then tender afterward for some of the other securities. They need to do both. But <br />critical is the execution on the asset sales. No success there and then nothing else matters. <br />28 Jan 2016, 08:28 PM <br />bach127 <br />I think you should own a position in a stock if you are going to do a write up ... there are people that keep <br />writing articles on BTU ..if your that interested in a company then take a position either long or short... <br />28 Jan 2016,10:14 AM <br />The Long Tail of Finance <br />Agreed. put your money where your article (mouth) is. <br />28 Jan 2016,10:19 AM <br />T12432 <br />Is staying out until you understand the financial restructuring ... a position? <br />28 Jan 2016, 11:25 AM <br />pjeastwood <br />A company is only as good as its customers and BTU customer base is declining.... NAT gas and LNG are <br />the future.... King coal is slipping away <br />0 <br />28 Jan 2016,11:06 AM <br />