Windstream broke the most basic rules regarding bonds: you cannot get rid of any part of the company without Bondholder approval. Simple. Now to read that the CEO is out giving speeches about how this "creative" idea sounds crazy the first 12 times you hear it: wasn't it Goebbels that said that if you tell a lie enough times it becomes the truth? The reason in sounded crazy the first 12 times is: because it's fraud....a super bad idea.
Now the employees just lost a ton of value in their once high-flying stock. I sure hope the CEO and Board step down or this company will never be worth investing or saving!
Thought this post by @PMyiFIP-81nsy was truthful. Thanks, OP!