We recently admitted to being baffled by a series of financial transactions made by Symantec. As we were unable to figure out the intricacies of the deal, we said “To us this sounds like a way for investment banks to earn a fee and for hedge funds to get a sweetheart deal on the debt issuance.”

A commenter posited that we did not understand the deal (how true!) and explained what was happening on their website. We asked for a walk-through and they kindly obliged here. We thank them for explaining the deal, which we now understand.

To us it sounds like a way for investment banks to earn a fee and for hedge funds to get a sweetheart deal on the debt issuance. First let me give you a synopsis of their argument: More »