I think you are right. ALZ is a bit different as it had the...

I think you are right. ALZ is a bit different as it had the right to hang on to the funds by paying the step up. But I guess the possibility does exist for TIM to raise equity to pay out note holders. But it is a bad time to do this...the equity redemption is already priced into stock now and is an easy way out for Board don't you think? Any selling post VWAP will depress price but after that it should bounce back (don't you think).

GNSPA will be an interesting one to watch next month. Same sector, my guess step up will take place like ALZ but would prefer equity.