Post by
bond46 on Apr 11, 2014 4:01pm
Bond Conversion not an Option for Marret
One would think that since CMK has defaulted in their interest payments to Marret, the latter would go ahead and convert all bonds into equity at 0.005 cents. Not so. Instead of converting into equity and become the majority owners of CMK, they prefer not to exercise the conversion option so CMK keeps owning them interest which is being added on as debt. If they convert they get no interest and a lot of head aches. But the question is for how long. CMK, if it's to stay open, they need more financing which Marret is not happy of doing. Selling assets to cover operating expenses on the other hand, is stripping value from CMK; a bad thing for Marret in their quest to claim their money. Marret is between a rock and a hard place, along with the existing shareholders who have lost all equity. Marret must decide soon what to do with this outfit. When they lent money to an idiot, Bates and co,they should have known better that that was a trap they now live to regret.