@fairchij

"I expect POET would have had some notion of what was going to transpire at PNP? Conversations between the new people in power at PNP and POET would probably have already taken place as part of the due diligence to come up with the new conditions at PNP."

I agree with this statement. Recall that Richard Patricio, the interim CEO was the original nominee for PNP's rep on POET's BOD. I have no doubt that he knows what they have in POET. The question is wheher he will have to make concessions when dealing with the debentureholders. If so I think he will keep the impact to a minimum. I'm hoping that upcoming developments at POET (between now and whenever PNP is forced to act) will convince debentureholders to hold their POET shares.