What about the $4.5 million in Convertible due September?So far Mr Rosen has managed to renegotiate the converts from convertible at 45 cents down to 10 cents, interest now payable in shares valued arbitrarily at 10 cents, only payable at maturity and term has been extended by a year to September, 2022. The fact that interest in the form of shares is only paid ( cumulatively one assumes ) at maturity, make it very difficult to trade the debentures , as only the last holder will receive the interest ( in the form of 10 cent shares).
The total face value of outstanding debs was $4.5 million last count,
or over 33 % of the market cap.
Seems to me that the debenture holders should find some way of
interacting with each other. The company has not been helpful in this matter .
There is not a lot of time to consider whatever offer the company might make to existing holders; or, alternatively, having debenture holders proposing something to the company for consideration.
Mr Rosen's recent messages to the market have appeared somewhat upbeat, however, they will all come to naught if he cannot
find some solution to the looming September time bomb.