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There are a number of options available to Elmo, and all are bad:
-pay the interest, by coming out of pocket because TWTR cannot carry the debt, and Musk's fellow investors will not answer capital calls. One, perhaps two interest payments will be all that will be made in this option
-The investment banks sell their bonds to Amazon/Google/Microsoft/Apple, any of which wait for Musk to default, after which time they blow out the positions of all equity holders and take control of TWTR
-Elmo defaults on the interest payments, then buys the bonds and wipes out the positions of his fellow equity investors, none of whom are Elmo's friends but also none of them ever thought Musk could set on fire their cash investments
-Elmo defaults on the interest payments, then tries to re-negotiate the terms of the indenture, doing so in a high-handed manner, which will honk off the banks, which will then bite the bullets each have been issued, and blow out the equity holders. They will stabilize TWTR, then roll out the New Twitter' in an IPO, at a time when tech IPOs are nearly dead on the street
-Elmo goes Ch. 11, which will result in nearly all of the equity positions being wiped out. Elon will try to retain control of TWTR because he is Elon, master business man and chief head Twit. His requests will be laughed out of bankruptcy court. After a long time, the bond positions will be sold for a nasty loss to one or more of the four names stated above.

Note that none of these options involve Elon hanging onto any but a very small piece of his actual cash investment. 2023 will deliver Elon's comeuppance. Clip and save ...

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