dilution will be for HDF, not TTXPA. If HDF are say 20 cents in...

dilution will be for HDF, not TTXPA.

If HDF are say 20 cents in June 2010, TTXPA note holders get 500 shares in HDF for every note they hold in TTXPA. So yes dilution could be massive for HDF holders as TTXPA holders will end up owning the major share of the company. That is why HDF will be doing everything within its powers to payout noteholders cash. The size of the TTXPA issue is $110 million which is slightly more than HDF current market cap.