In my mind, I think it is the exit strategy. The bridge loan coincides roughly with the due date for the 180-day extension showdown with the Naz over insufficient share price and market cap.
My pure speculation is Wave is going into this clear-eyed. They obviously know that signing up for 100%+ interest was going to blink out a warning in red for all to see, that this is a desperation play.
Why on earth, unless they had some big contract hanging fire over a small detail, like lack of operational money--would a company not only pay that much interest, but pretty much bet the whole company on it?
Why? Because if I read it right, a Wave default would pretty much leave the bridge-loaners owning Wave, or at least a significant portion of it.
Those kind of deals are usually only done at the point of a gun barrel. That kind of interest is almost unheard of for such a short time.
Anyway, getting back to my theory. I think Wave signed this deal thinking unless a miracle happens, Wave is going to be de-listed from the Naz. De-listing for a company, is pretty much the same as a bullet through the brain--only much slower in effect--but same result.
I think the Wave mgt plan is to make some pawn movements on the TPM chessboard to create the illusion of progress, or to make people think at least some sort of action is imminent and then, sit back and collect salaries and bonuses and golden parachutes from the incredibly generous Wave shareholders until 2016.
And let the bridge-loaners take over and run Wave. Could they possibly do worse than the two previous CEO's?
Not only do the shareholders take a shiving and keep on giving, but they don't mind being completely disdained by mgt as the gullible, insignificant creatures they are.
I sure wish someone would bring this before some judicial authority in either civil or criminal court. But instead, those who have been plundered, are out on the sidewalks, empty pockets turned inside out, cheering the chance Wave could come back and redeem their lives and belief in Wave.
I would bet on an alien space invasion happening first.
Blue
