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AJ thanks for your detailed response and taking time to post in this thread.

i never realized that the tender offer was totally contingent on financing, partially because i was in a fog fearing these notes would be taken from me. i was perplexed as to why a majority of the holders actually did accept the tender offer in the first place, given how difficult it is now to find yield. i have to go back and figure out which blurb from the tender offer i saw because that extended version states it there quite explicitly.

the second link/dd you posted from the phx.corporate site, is brand new to me.

interesting that the bonds did not flinche at all in light of this recent news, which to me, potentially has a negative connotation or perhaps not since the bonds do not technically redeem for two more years.
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