RE:RE:The debenture holders have 4 choicesJoe - you're not paying attention. There is no time remaining for a proposal to be made to debenture holders. Even if there was, debenture holders would not agree to #2 without a substantial sweetener.
Sheldon has to cure the breach or payment is demanded on the 22nd. The only way to cure the breach now is to raise equity (sell new shares). Selling existing positions does nothing, unless it is accompanied by repurchase of debentures - to the tune of about $8M. That would have to be a private transaction at this late date.