If things played out in the fashion you suggest SF....then I think point #1, I think you would be wrong on that score.

Your thought is that the Citi loan would still be in place, not paid off....perhaps extended.

If RVX was to borrow $117.6 million from HL....then they could satisfy the Citi loan on maturity, pay off the princlple plus the interest....and have something like $40 million left over besides.  And if the PPS starts moving high enough they could be getting even more $$$ for the conversion of warrants.