ConvertiblesThere doesn't appear to be any chance that the company can pay off the convertible holders this Sept baring some kind of miracle. Rather than wait for the company to make a proposal with no opportunity ( realistic opportunity), for the debenture holders to discuss the offer , I suggest that debenture holders make some suggestions to the company.
This offer should be made only IF the company can show a realistic path to profitability if allowed to stave off paying down the debt for a year .
My suggestion is: drop the conversion price to 5 cents per share, make all past due interest and future interest payable in cash or shares at 5 cent valuation, and all accrued interest should be paid out to debenture holders up to the Sept 21 due date , 2022: Cash or 5 cent shares!
That would be a reasonable offer, but only if Mr Rosen can demonstrate how such an offer can allow the company a realistic chance of attaining profitability in the next year.
Any other ideas out there?