Chuck it's really simple, a few advisors having raked off millions in banruptcy restructurings the last few years saw the opportunity to do a lifetime score in the unsecured debt of YLO.
Never before was presented an opportunity to grab $100's of millions from the banks which they thought had no legal right to get to get it back.
The plan started this time last year when Kittyday posted that YLO's management intended to deal with all preferreds equally. No thought was given to use the banks offer to allow selected buy backs of MTN's limited to $50 million, no the plan was to reward the advisors and fairness opinion authors with $50 million cash and hand YLO management unheard of options. Presumably the soon to be ex Directors of YLO are happy to just walk away but who knows how the $50 million was planned to be distributed,
It played out beautifully until the greed and stench woke up the bank group with the exception of BMO which wrote the Fairness Opinion with a now lesser known independent broker.
Stikemans through Montreal and a former Stikemans Toronto guy now likely domiciled in the BVI led the legal side from the advisor/YLO group and now are likely sweating bullets.
I continue to say where is the AMF or the RCMP in all of this?