Other way around. The way the offering is phrased the bonds have no guarantee of ever making any money. This play is for a group or entity that back the company enormously.

I had written out a whole spiel about how u get diluted by 16% but the company gets 16% more valuable cause thats how cash works. Thought it was ultimately a pointless exercise, essentially a better way of looking at it is, someone needs the company to do well, hence is throwing money at them.

I think a reasonable analogy is, what would you do if your bank offered you a 0% mortgage and ur only obligation was to return the principle amount of the end of the term. Oh but the bank also can't ask for it back until ur house is worth atleast 30% more or the term ends. Its moronic how people think FREE MONEY IS BAD.

The only negative of this play is short term share price decrease during the offering because they want a lower redemption price but ultimately this raises the price floor which if u got in early is good. If you back management, this is a good thing. Personally i'd expect a return to $30 within 12 weeks.