Cockerel1, I'm a long time holder of AUM and reader of this message board - first time poster. I think your post is a very important consideration. Sentient has a lot to gain / lose regarding their investment in AUM. My simple view - the debt should be treated as debt and repaid as soon as possible. Sentient obviously doesn't want a default (huge stock investment in the co) and should consider improving the terms of the debt offering if there is concern AUM can't immediately meet the terms. The cash from leasing agreement, property values, etc. are certainly applicable to future loan repayment. Converting to stock and ownership > than 50% is a big red flag to me for the very possible reasons you posted. Would love to hear latest opinions of GWR (I believe his initial thoughts /comments were supportive of the deal), THEDUKES, etc. (or any of the other longtime posters) on this very important topic. Thanks.