LM, are you able to see what brokerage house has been buying most of the free trading debenture over the last few months ? Any of them accumulating to perhaps get control of the assets in a worst case senerio or would the debenture holders be SOL just like all the shareholders ? I presume the company has unpledged assets they could borrow against if Ian is unsuccessfull in getting this Co. cash flow positive within the next 3-4 quarters. Any comments by anyone ?
what does this really mean:
The Debentures will be direct unsecured obligations of the Company ranking subordinate to all liabilities except liabilities, which by their terms rank in right of payment equally with or subordinate to the Debentures. The Debentures will rank pari passu with all subordinate indebtedness issued by the Company from time to time, to the extent subordinated on the same terms. Sounds to me like they are at the top of the unsecured creditors list behind the government P/R taxes, perhaps vacation pay, shut down costs.