I would point out that the company is still worth something ... say, $10M ...
The issue is that the shareholders will be diluted by the converting noteholders -OR- there will be a messy liquidation in which the noteholders recover alot less than $10M for the $18M of notes.
Do not consider my postings as investment advice. I am here to share research and to speculate on what might be. The boundary between fact and conjecture might not always be clear - best to treat all comments as speculation.
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