I think we can put it down to PAG having its personal agenda and persuading the rest of the board members to follow suit.
So according to LKH, PAG initiated the palace coup. Wow! That's interesting.
LKH is right about one thing in that AFR interview; PAG will not convert their notes to stock. There is no way that anyone in their right mind would convert a $150 million loan at 4 percent (that's $500k a month income), with first ranked secured debt status, into a tranche of one hundred million shares worth well, that's anyone's guess; $56 million as of last week.