RE:RE:#13 Instinet - once they are done we should move........ Both convertible debentures have a provision which enables the company to repay the debt prior to the holders converting. The interest is steep, no doubt though. The warrants we're given strictly to remove the assets as a security to the initial convertible holder, so the company can asset back the second convertible. Desperate...sure...but the company knows what it needs and is unwilling to issue straight up equity.
Pay attention. The maturities for the two convertibles are in two and three months! And why would the company raise a convert for three months?
There are two options left for the company, raising equity (as has been shown) is not an option - and this should all happen in the next two months.
1. The company secures a large SDI and easily repays the debt. I say this is 70% likely. In that case we move above $0.50.
2. Management does not secure a contract and sells the company. I think we'd get 30 cents. The company has a $150 million map asset, software assets, a huge operating loss, and lots of know how...not to mention a significant pipeline of work.