This was expected for some time. John Wright said in one of his presentations in December that the company expected the bonds to be PUT back to the company. Most assumed (or at least i did) that it would be paid out of the line of the credit.
I think the bigger issue holding the stock back is the amount of debt on the books. That is one reason I advocate that the company sell off some assets. This is nothing new, the company sold assets off in 2012 at attractive prices - i am suggesting they do more of the same in the 1Q 2013. John Wright has openly stated that no assets are off limits for sale - at the right price.
Is it the wisest approach to be carry a heavy debt load all the while you have a 10 year plus drilling inventory? I would recommend selling about 3,000 boe/d of production and some of the drlling inventory for $500 million plus or minus. If the price per flowing boe was north of $125k, I think it would give us a nice boost. Plus with all the land they have been purchasing lately - they will be adding to their drilling inventory and likely be able to retain a healthly drilling inventory. My approach would be to sell off some of the lower qualty assests and keep the best for PBN - as much as you can.