RE:FRONTERA SETTLEMENT After review, it looks like the $24.6M payment to Frontera accounts for i) the additional balance under Bridge Loan III and ii) the recent advancement made by Frontera to Rowan for the jack-up.
Thus, the $8.8 optional debt conversion to shares (40M in newly issued shares to Frontera) appears to still be in play.
On a separate note - no idea yet as to how Frontera secured 101.3M shares in connection with the rights offering (~157M shares gross) given they did not participate in the over subscription. As waitingstill posted - perhaps this is where cross trade comes into play - speculating this transaction involved a large done % of JDC common shares.
We will get answers soon when the proxy report is issued...
Lots of positive catalysts ahead...