Thanks Buzz for your response. What you are saying is that the reason you think WM is 'DMRJ-friendly' is because DM ousted GB because he talked of a refinancing possibility on the conf call, and was soon replaced by WM. You believe DM didn't like such talk, and had him removed, and that they thought WM would basically do whatever DMRJ wanted him to do, so that's why he is now in charge.
You mentioned the unavailability of the conv call as sign of the conspiracy.
I just checked, and the conf call is on their website. So, I just spent 2 hours listening to it. I didn't hear anything that DMRJ should have been upset about. For anyone that may want to listen, from 1:21 to about 1:29, and then another spot at 1:45 is where Glenn handled some questions about refinancing. He did say repaying debt is preferred over refinancing again, that he got a number of calls the day after the TSA announcement from financiers that previously rejected Implant discussions, and that at some point when the price is worthy enough they might do a small finance raise with less dilution, but if that offended DMRJ they need to have their heads examined.
In short I see little basis for concluding Glenn was taken out by DMRJ because of anything he said on the conf call, and then replaced by WM because he was in their corner --ie willing to keep their 'Chinese River' flowing.
Regarding your math:
<<My simple math and its very simple, TSA/ECAC = 220M in sales, at 50%GM leaves 110M- minus 2 years of operation of $50M total ( likely low)= 60M to pay out DM...and that would be great news IF they had the brains to pay out overdue interest, because they don't we will likely be over 115M shares easily and have a product at end of life, no money--- so the "E" and Conveyor linked Multi E are the hope of the company, IMO.>>
First, we'll be over 115m shares even if they do pay off the cash, because the principal on the .08 is $3.5m alone, and that converts to about 43m shares.
But more importantly, why are you talking about paying DM after 2 years of operation out of operating profits? Maybe I'm misunderstanding, as they don't need to have cash to pay them out--they simply need another financier to provide the money.
You asked: <<Why would they want to stop that river?>> YOu may well be right that they don't want to. First, they can convert 10m shares or so a year, or $5m at this price, $10m at a dollar. Second, they get more accrued interest, some $6+m or so a year. So, $10-$15m a year with the status quo.
Contrasting with a buyout or refinance: They get bought out at 88c a share, and they can convert the .08 principal for a profit of .80 x 43m or roughly $35m. Jack the price up to $1.80 and add on another $43m. Pretty nice payout in comparison with $10-$15 depending on the price at the time of payment.
In any case, I don't see ANY reason WM would feel a need to cater to DMRJ over what is best for shareholders. None whatsoever, for one simple reason: It doesn't make any sense to me.
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