I would love to see the toxic loophole shut down completely, but I find it hard to believe they are violating the debt covenants. Of course, since PNTV never files the full agreements, who knows.
There's a chance the SEC goes after them and that as in the case cited, they end up paying a fine without admitting anything (and in that case they were converting and dumping over $1 million, hardly likely with PNTV). The chance of PNTV getting any real money out of this is small IMHO.
And yes, Comcast is larger than Asher, however that's not the critical factor. Comcast could give a shit about PNTV. PNTV used Comcast to promote the stock, citing them as a major partner. Now they're trying to squeeze money from them because PNTV failed. And it's not working.
This is Asher's main business. If PNTV is successful there will be hundreds of other companies suing Asher, et.al. They'll be shut down. I would be thrilled, but don't think for a minute that they will be less defensive or throw fewer resources at this than Comcast.
“No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people"
H.L. Mencken
