Agreed. That's why I rated it a "Buy" in spite of greedy current lenders. Those lenders own a lot of stock. If they would facilitate the re-structure instead of continually taking their pound of flesh, the stock would go up at least 500%. But that would make too much sense.
You are correct. But a $500,000 penalty coupled with the now-astronomical debt service weakens ATEC financially and makes it more difficult for ATEC to get a tenable re-structure done with a new senior lender.
Sorry Jobe, the key announcement was that Deerfield and Mid-Cap are only letting the default slide until later this year. In the meantime, ATEC gets to pay $500K for the pleasure and pay untenable debt service along the way, and they have been completely unsuccessful in finding a new senior lender. Until they get their nuts out of the greedy fists of the current lenders, the stock ain't going nowhere.