DMRJ has NOTHING if they don't convert to common. BAM has everything if $23M is not paid by end of March.
Operating from there, DMRJ wants IMSC to start to fill the IDIQ fast as possible.
DMRJ wants to keep converting interest to shares at 8 cents each. And DMRJ wants BAM to be paid in full.
But even DMRJ knows that their convert train will deliver less and less. So will it convert its higher blended converts and its 8 cent shares? That would be telling.
McGann is very sharp. He knows the interest convert stymie is a road block to success so I expect him to move hard and fast to remove it. Maybe work with BAM to keep them happy and certainly look for a strategic invest in which would zoom the share price and make every converted share mighty nice and good.
Now, the competing school of thought is Buffalo's claim that this is being sold.
That may be true if the buyer recognizes full value, not just the IP-the NOL-the IDIQ- the CRADAS- the $2M development grant- the WORLDWIDE GOV APPROVALS. All value today is a fraction of the larger value developed tomorrow. Further, NOBODY sells the company for a chips and dip when the US GOV. is paying you $2M to develop a product that is very close to being finished. How dim is that? Remember, McGann is smart. Smart people don't do dumb things unless they are up against the wall. He is not.
Also, the TSA ETD IDIQ CLUB has about 8 to 9 members. Since we just pushed one out, that makes 7 to 8, two of which are "two time" members from their prior companies, Drs.McGann and Jones. Truely, this is meaningful to developers of ETD integrated products.
IMSC is a debt laden company but it has huge appreciation potential should it clear that convert which is like putting a lead cap onto any positive event.
I think we all would be very happy to accept: a float of 120M shares with debt removed and the IDIQ filling over two years. Plus all the other sales events which will spill our way.
Aside from debt structure, unit output per week is my second concern. The B-220 will not be contract manufactured. Remember, McGann developed a "platform", having the platform cloned and stolen is NOT smart and McGann is very smart!
Best of Luck to ALL IMSC LONGS!
