Okay sorry for the spam here...

It would appear that Cline owning $180 million of the PIK's would simply say "no thanks to the redemption, I'll take the VWAP in stock."

Which means FELP only needs to come up with another $120 million plus accrued interest to redeem the rest. Cline has essentially already injected his capital with whatever price FELP happens to be by April 2017. Worst case dilution happens at $0.85.

Now we're back into incentives again. Murray is going to want to have Cline's PIK's convert at the highest price possible. Then we get a Murray + a rights offering for the remaining $120 million + accrued. An easier pill to swallow than Murray and the other shareholders coming up $300+ million of capital by April. But this is super reflexive, they need to get the stock price up. I'm sure they could repurchase a fair amount of PIK's in the open market as well.