RLLH

Good GM: The Largest IPO in U.S. History?

"So if basically everyone but the bondholders wants to get rid of their equity as soon as possible, and the new company will be worth roughly $50 billion, giving the bondholders only 10% would mean the IPO would have to be for $45 billion for them to cash out completely."

I guess my math is rusty, how does 10% of a $50 billion dollar company allow the bond holders to recover a $27 billion debt?