1) It seems to me the company has no cash so the noteholders won't get cash.
2) Noteholders who convert won't be able to dump - to do that requires buyers and there are none. At best there are a couple of current bids at 4.5 / 4.6 for a grand total of approx $11,000
I'm with Enumerate on the Trustees - why do bondholders not have more information upon which to make a decision. It seems we now have an unknown game, with unknown players and unknown rules. It also looks like the coaches are keeping their game plan to themselves - and thats not a winning strategy. As the Pakistanis know, the only winners are the bookmakers.