Quote Originally Posted by Enumerate View Post

"Do we let these non-election holders convert to shares (at potentially "Death Spiral" prices) or Do we pay them out in cash?". This decision has to be made by the company before the 1st, or so, of March.


Those less risk adverse souls have a chance of getting cash - especially if they are prepared to play hardball.
Where do they get the cash from - they only had $4m in the interim accounts.
As a shareholder what do you do - spend your $4m on bond holders or do you buy up existing stock as treasury stock and return the cash to your self. Or do you spend it on driving up the SP so that more bondholders are needed to get past the 50% ownership threshold.