Better to convert all notes to shares and declare dividend To increase share holder value it is best to declare a dividend.
To collect a dividend, the note holders are forced to convert to shares.
When all the notes are converted to shares there is no more debt or interest payments to make.
Any free cash flow to pay back debt or interest can be paid in dividends.
Declaring a dividend will create demand on the shares which increases share price and liquidity.
Dividends have tax advantages over interest payments which note holders would like.
Funds and institutions look for dividend paying stocks with no debt too and they would be interested in GCM.
for example, GCM can pay 0.25$ dividend per share per year. Based on 2.50$ share price, that would be 10% return in dividends.
This is a better idea than getting debt to pay debt and issue new warrants and continue to pay interest. GCM management need to speak to all note holders and see if they like this idea