Shell GameDebentures accrued interest was not being paid to debenture holders, the debenture holders traded a interest rate of 8% for stock. They traded for shares that are out of the money, and a warrant that is out of the money? New debentures are being sold with stated interest rate of 8.75%. Cumo did not pay the interest of the old debentures. So how is Cumo going to pay the interest on the new debt. They are going to sell more securities the bring a old mine into production, then use that revenue stream to pay the debt. Calida was the same play.