What a brilliant investment by Howard Marks. He is getting a 12% annual yield on $225 MM of debt and warrants to buy 4.4 million shares at $10. Even if Diamond Foods (NASDAQ:DMND) goes bankrupt Marks would likely make money by reorganizing the company which would still have its solid brand portfolio. If the company thrives Marks will make a windfall from the warrants. Either way Oaktree will have de facto control over the company.