It is not clear to me at all that Al could have forced bankruptcy and taken the company private. If he forced the company into bankruptcy, the $230 million in senior convertible debt would have to be paid, which would force a liquidation and probably produce very few proceeds from a fire sale of the firms assets. Not to mention, in my opinion, the lawsuits that would ensue if he did not try to raise the funds through an equity offering or some other means first. He can't willfully put the company into bankruptcy so that he can profit from it.