North Bay Resources Inc (NBRI)

[foxwoodsfan]

There's some talk about trying to convince the VC's to restructure the debt and include ratchet or lock up provisions. Here's the problem, because the terms are based on VWAP discounted shares the only way the VC's can make their margins is by dumping shares as quickly as possible after conversion.

VC's are not in the business of restructuring convertible debt for the benefit of the borrower. Here's a prime example. Look at the Tangiers note prior and post the last restructuring. The terms are much more favorable for Tangiers now, never mind the extra 150K, I'm talking about the convert terms and the VWAP discount. Notice how they wasted no time jumping on the wagon and dumping shares as fast as they could.

Tangiers was supposed to be NBRI's partner according to this board (LOL) and they are the biggest debt holder. Did they restructure for terms more beneficial to the borrower? Of course not.

The chances of any restructuring to include ratchet or lock up provisions on the existing convertible debt are zero. IMO of course.