There's truth in what you post, but it seems that this is just a cheap way for them to roll the most current debt due date forward. Almost no fees and they might be able to keep $19.5 million in place for another two years. They need to make it attractive, or why would the debt holders that can put the debt to the company in May 2012 sign on?
IFMI has a limited profitable track record, so it's not clear that they would be able to raise lots of new money with ease.
Depends on who is receiving that nice yld. This outfit most likly sold it to their cronies and themselves. They know its an easier way to siphon off the profits VS maybe sharing with shareholders. Afterall what does one do with million dollar salaries?