{$FTR} {$FTR} Unsecured Bond holders are using the current turbulent climate to try to extract consessions out of FTR. The majority of the shorting is from unsecured bond holders & manipulation (reverse pump & dump) as per the Bloomberg article. Talk of chapter 11 is total nonsense especially if you read carefully the last couple of paragraphs of the detailed article with regards to secure debt conversion. FTR has considerable room to refinance including secure debt. The unsecured 2022 & 2025 bonds notes are easily covered by FCF & if needed asset sales. The unsecured bonds are trading at a huge discount to par (hence the arm-twisting), with current asset sales of apx. $1.4B making the debt negotiations even more complex. I suspect post Q2 FTR’s F13 filling will show that institutional investors would of increased holdings from 72% to apx. 85%. For a risk tolerant investor FTR is a really interesting speculative investment for a very very high return