Mayo,

Hard to say where SP will go should the Tenor bid be accepted with the MCTO looming.

Liquidity is a shareholder's biggest asset, a luxury that noteholders and lenders do not have. Taking liquidity away and holding a shareholder hostage would be something that would scare away many possible investors/speculators as the MCTO could be enforced at anytime. Uber-Longs should/would not be concerned of an MCTO.

However, sp has held up well in this play. Notice that when the company proclaimed backrupcy in December, it moved up right away in January. So, who knows, anything can happen with this.