RE:convertible debtSeries C even worse. 3 years of interest prepaid. mgmt should deny early conversion.
The C Debentures bear interest at a simple rate of 15% per annum, the initial three (3) years of interest prepaid (the “B Prepaid Interest”, together with the A Prepaid Interest and B Prepaid Interest, collectively the “Prepaid Interest”) on the date of issuance of the C Debentures (the “C Issue Date”) by the issuance of common shares (the “C Prepaid Interest Shares”, together with the A Prepaid Interest Shares and B Prepaid Interest Shares, collectively the “Prepaid Interest Shares”) at a price of $0.07 per C Prepaid Interest Share
lscfa wrote: 2 years of interest was prepaid at issue date so converting early is highway robbery. Mgmt should ask for a refund of unearned interest paid.