The choice is either:
a) I pay 0.32 for all outstanding bonds given there have been no payments from BS&T for over a week, or,
b) Everyone waits to see if the funds become available and I pay 1.28.
Choice:
c) pay 0.32 dividend to each bond holder. If and when BS&T returns the loaned money do a buyback to bondholders for 0.96 per bond.
I would vote for either Option A or Option C. Of course I only hold 5 PPT.x bonds, so I don't count for much.
