Posted by: RonnieD Date: Monday, August 10, 2009 9:29:03 PM
In reply to: stockprofit2023 who wrote msg# 425 Post # of 431
yahoo board called ir and says
Spoke again to IR firm - got clarification 7-Aug-09 03:49 pm Leverage has switched to ETLY. The warrant deal is going to be renegotiated. It did require shareholder approval, which obviously wouldn't happen now that things have changed. Management is on a whirlwind tour and very aware of shareholder views. And, they understand that the capital structure needs clarification before moving forward. Basically, no warrant deal, no reverse split...just need $6.5 million to repay the notes. Thank goodness for the grant!!!
I posted that original message and I believe the IR firm was wrong. I have posted subsequently many times discussing that dilution looks likely.
Richard, the notes Can Not be prepaid w/out consent of the Holders...why would they consent at this point? See link...
there is a provision for early redemption by the company(see sec 6 if the debenture), with 115% of amt due as liqudated damages. the holders have rights to convert, subject to the limitations discussed in sec 4 of the debenture
HOW MANY TIMES DO I HAVE TO POST THIS INFO TO GET PEOPLE TO LOOK AT??!
I read a post that said exactly the same thing last Friday, so I don't see what is new here. Plus, the question of principle importance - can the debentures be paid off now - goes unanswered.
Sorry, but I've been doing this for a while, I actually do depend on the message boards for at least some information, especially on small-cap issues, and posts like this don't do anyone any good.