The bondholders are playing a very poor hand. Their unsecured debt is effectively worthless so offering to convert this shares doesn't really improve anything. The company requires operating cashflow and that has what Bain has provided; to the tune of nearly $1Bn. The bondholders are not offering this. In fact, it is hard to see what the bondholders are offering adds anything of value to the company or its creditors. They are operating from a position of massive self-interest and trying to escalate their debt priority when it was always patently obvious that they had bought unsecured debt.. VA staff, by sheer weight of numbers, continue to hold the whip hand in voting on the Deed. They need to understand the bondholders have no real interest in looking after them.