I'm sure any offer would be conditional on bondholder and CVG acceptance and no poison pill.

LOL, then it is a non-starter from the get go and just idle speculation.

We have a pretty good poison pill -- no Canadian or American company has ever been acquired in a hostile offer with such a provision in place where the board did not finally agree to the deal and disable the provision.

Very unlikely that the bondholders would get on board with a company that has no real balance sheet.