ITEM 8.01 OTHER EVENTS
GMXR's Senior Secured Second-Priority Notes due 2018 have a quarterly interest payment due the second day of March, June, September and December. Interest on the notes accrues at 9.0% per annum. GMXR has an option to pay the interest in cash or in shares of our common stock. GMXR has elected to pay the interest payment due March 2, 2013 in shares of our common stock provided, the number of shares of our common stock issuable shall not exceed 604,216 shares. If the number of shares of common stock issuable as interest would exceed 604,216 shares, we will pay any additional interest amount payable in cash. The record date for this interest payment is February 16, 2013...... . If we were to pay this interest payment entirely in cash, the aggregate amount of cash would be approximately $2.1 million. If we were to pay this interest payment entirely in shares of common stock, the aggregate fair market value of the shares would be approximately $2.8 million. ******
On Feb 8 PR, it indicated the stock offering option was not accepted by suuficient note holders, thus it would be a cash pay out. This was why Jefferies was brought in after GSO/Blackstone did not show support. The due day is tomorrow, thus we can safely assume the deals for Q2-Q4 capex and all interests payments are struck by today.