Golden Queen Mining Ltd GQMNF

I Dont get it - Maybe I dont understand - Are they suggestin

[PACO2]

g that all of our GQM shares are to be turned over to this insider -who is on the board- who has carried out these loan shark type loans to us- and we get nothing?
 And the current board recommends this to avoid bankruptsy ? Is this true ? Can someone else review this and give your opinion what we get . Am I the only one who thinks these options stink ? ....... and somewhat criminal