I agree, they are only going to pay down debt if they get a NO...

I agree, they are only going to pay down debt if they get a NO vote. With a YES vote, the note holders will convert ASAP and take over the joint. Unbelievable conflict of interest but nothing surprises anymore with CTL
There is no way with a Yes vote that shareholders will participate in the capital raising and so as at end of November the note holders I think were up to $7m or about 2 billion shares and so with a Yes vote the note holders will hold about 65% .

A NO vote could mean default but then an administrator will come in and if the company is doing well and it seems to be at the moment then he can pay down debt or organize finance but we are better off than we are now or with a Yes vote. At least with an administrator we will have gotten rid of the Board and who knows what will be found.