that deal pretty much guarantees the company and all its assets for $25M.
If you got a piece of that PIPE - its in your best interest to have Oclaro file Ch 11. Pick up the pieces and make a few hundred Million selling assets.
Read the language of the deal - there are so many restrictions - including cash balance, asset sale, merger etc. that the debt holder is calling the shots going forward... not Alain and certainly not the board.
I would not be surprised if the debt holders file non-compliance of covenants and cause further panic.
Rehash the old news and old lies. The company is continuing to improve their offerings, technology, customer base---and it is definitely in the best interest of the convertible offering buyers to see the stock go up. If the stock goes above $1.80 they can make a killing--in addition to their 7.5%. They will become much richer if the stock appreciates---and so will I.
How about making $300 m out of their max. 17,605,632 shares if the stock seriously move? All the while collecting 7.50% while they wait? What is the better deal? Righting the ship or going through the nightmare that will be a bk and selling off assets? What the PIPE is after is trying to align all shareholder's interests.