Yeah, that's what I'm saying.
Usually if a company sells stock in a private transaction to an institution, it is below the market price, not above. Somebody close to the story is optimistic and wants more stock than they can buy in the market. They may be buying even more shares in the market as well.
If you were an institution or individual with a few billion dollars, how easy would it be to accumulate this stock, build a big position, then call up Mel and refinance all the debt coming up next year. You would pretty much be assured at least 5X your money within a year. Most likely, it would be in the 8-10X range.
It is still possible to make a killing in this country without being a dick about it!
It could be something like that...
If a group bought 10% of the company for 100 million, then helped finance 300 million, the stock would be back around 2 bucks.
They'd make 600 million dollars on the stock appreciation. Then they could sell a part of their stake if they wanted and be free and clear.
The stock is where it is because someone with the converts due in February wants it here. They want to force Mel to make a bad deal. He just needs a white knight. Or better yet, a black talk show host. Where's Oprah???