This is the most important piece for BYFC by far. From the 10-K on the recap - all parties have agreed, they just need to raise $4m in new common which should not be difficult at all given what the results of the recap will be.
All of the prererred series holders have agreed to convert to common at a 50% discount to face, including the U.S. Treasury. The lender on their current $5m line of credit (of which they are in default and have not been making interest payments) has agreed to convert half of the line to common stock and waive all of the accrued and unpaid interest. They have agreed in writing subject to agreement by all other and the need to issue an additional $4m in new common. As I have previously posted, this will dilute the common but by to a lesser degree than the tangible capital position will jump. As importantly, at those capital levels, the regulators will allow them to graow again. The only caveat I will add is that they will get bought before too much growth occurs. The stock will get to about $1.60 on it's own and they will get bought for $2.00 - $2.50 before the end of the year. The $1.60 is about 1 to 2 months away.