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To: sixty2nds who wrote (53)	8/15/2025 6:40:02 PM
From: Sean Collett	Read Replies (1) \| Respond to of 85

It does. The 8-K that dropped today smells of a KERP/KEIP plan. Link to the filing. To recap: 1) Hiring Evercore & Kirkland 2) Bond holders hire legal teams 3) Hiring Roger and Carol 4) Drawing down the revolver 5) No Q&A 6) Banks hire legal teams 7) Now the KERP in place I view this as a prepack or freefall filing will be coming in the coming days from here. I do not take this as a signal some LME is going to happen out of court. Folks are out there looking for Zebras in Delaware, but all I see are horses. Cautious, but opportunistic, investing, Sean