The key to this one is that the total equity gets exchanged for only 2% of the company, as is well documented.
Do your own maths, but don't forget that the reason there hasn't been much selling pressure on the shares is that until the deal goes through, the banks and bondholders that are 'insiders' have been restricted from selling any shares in the market.
Do you think they will want to keep their 98% of this lossmaking business?
Well done to all the guys that bought in the last month and are now sitting on a big profit, but remember it is not a profit until you take it, don't be left holding the baby once the sellers come along.
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