If Dune plays the default card, Dune would have to spend lots of real dollars on lawyers.
Conversion just issues paper shares.
But then Dune doesn't get all of Couba; a substantial part still goes to ANEC shareholders.
Hard to evaluate.
I wonder why some oil-man just doesn't:
- buy ANEC for 10 cents per share ($5.5M),
- pay the debentures ($7M),
- thus getting a substantial chunk of Couba,
- then pay ANEC's share of drilling costs ($xM).
Is ANEC's share of Couba worth say $15-20M total?
Any BB'ers with $15-20M to play with?