$I WRAP YOUR HEAD AROUND THIS... with the money that Intelsat is not paying in interest to the unsecureds they can literally be buying the obligations and putting them to bed (retiring them). LOOK AT THE LUX SPECIFICALLY...market value of $101 million and they call for interest of $105 million. In the open market they could retire that debt at 8 cents on the dollar. The interest on those two tranches averages at about 8%. SO LITERALLY WHAT I SAID IS ACCURATE. WITH THE INTEREST TECHNICALLY PAID ON THOSE TRANCHES YOU CAN LITERALLY JUST BUY THE OBLIGATIONS BACK...WHY GIVE THEM ANY EQUITY WHATSOEVER? And Intelsat has the cash to do it. This is all so surreal and absurd it is almost unbelievable if it wasn't actually happening.
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