Ted- you are missing the entire enchilada here--
-DMRJ is owed $1.12
-DMRJ receives shares for the $1.12 at a rate of 8 cents per share, or 14 shares
-DMRJ sells those 14 shares at Fridays SP of .56 cents for $7.84
- Sure, DMRJ would like to sell those 14 shares for the most they possibly can...
HOWEVER
- DMRJ intends on selling more of those 8 cent converted shares next QTR.
The Cash never stops flowing as long as DMRJ holds a huge overdue interest cloud over ISC's head AND holds its original loan which ALSO converts at 8 cents a share per $1 of loan.
As you can see, DMRJ is in a very lucrative position, so lucrative they MIGHT stick their nose where it does NOT belong.
Yes, ISC can pay back their loans, but remember, DMRJ is owed advance notice on payback of LOANS ( not interest) and DMRJ can match any terms ISC accepts from other lenders.
Nothing changes for loyal ISC shareholders until:
- ISC can pay qtly interest in cash
- ISC can pay overdue interest, in full, in cash
- THUS allowing ISC to pay off the very first loan, the one that converts at 8 cents a share.
Its bleak until ISC takes action to rectify their upside cap structure, The market knows the score and is staying away from buying this stock until that changes.
The good news is, a $36M qtr allows them to do that. ( geez, we need a TSA partial and a ECAC majority of units in one QTR)
