I agree.

If the information received from your broker contains no interpretation of sorts, the PP could, from the Oct 11 PR, "... of up to 120,000 units ... ." Key words are, "up to." 80,000 units will be fresh speculators, and 40,000 units (possibly less depending on actual needs) forseen to eventually roll over from the current Bondholders.

Also, there could likely be more waiting time beyond Dec 23, as it will take some time to formerly demand payment of the current notes. Plus, with all of the holidays time is further extended. The interested Bondholders should be open to extending their deadline, while those not interested are paid off from the new spec money. Possibly, they (the Bondholders considering rolling into the pp) are fussing over their slice of pie...

The "Syndicate" -

Macquarie Capital (USA) Inc., GMP Securities L.P. and Byron Capital Markets Ltd.