I believe Dale is working along these lines he knows more dillution is not going to sit well with the shareholders and if the debenture holders don't get a good return from this point they will be hard to convince to buy more in the future should that be required lets say SAN needed money for an aquisition.

The debenture holders, in lieu of cash, are receiving shares priced at $1.40 which last traded at $2.80. I'd say that's a good return in anybody's books.