watch out the tide turn, page-21

Technically the shares all have the same rights and yes there is now only one class of shares outstanding. The preferred shares previously held by Centerbridge all converted to common with the recap. Where the question of equality arises related to control...3 parties consisting of Ares, Ascribe and Centerbridge now control 98% of the voting stock and have majority seats on the Board. These 3 are aggressive distressed debt funds driven by self interest. They have signaled taking the company private which could strand any public holders equity until they exit at an unknown point in the future (unless they make a tender offer to the 2% coincident with that announcement).