there is no way Jana lets that happen. They are owed 20 million and own 13% of the common stock. The quickest way for them to get paid is through stock. In promissory note agreement it states that Jana must sign off on any material event like that. No way they would agree to that.
Also, KADR is a breakeveven slightly profitable company as of today. It is not possible for them to positive net income of 20 mill for another 2 to 3 years most likely. Why would Jana ever agree to go private just to break even after 2 to 3 years? No way this happens.
Read the last 8k. the fact that on april 30th kadr deems payment to be timely and appropiate tells me that there is someone new coming in. I think someone like WAG is taking the comerica (9.5 million) and turning it into a promisory note. Comerica will stiill give KADR a line of credit like always. Jana and Vicis have to refi where both will be given a lot more stock. Jana my guess will be up to 19.99% (20% they have different reporting standards which I dont think would be beneficial to them at this point in time) and Vicis I think is planning to buy on the open market an S ton more shares once news is announced. that is why they sold slowly to get to 5%. Either that or someone new like WAG might be assuming the Vicis debt as well and Vicis has to slowly sell all its stock by a certain date.
Remember the financials just got in the hands of the creditors prolly 2 weeks ago. it takes time for the lawyers to draft new target dates for the debt. Too man advantages to stay public in this situation. Remember the players. Big hedge funds and big board connections. They want to keep this thing public.