Thanks, penknee -- why do they need to raise to more than 2B OS ? -- many comments on this board have suggested 2B is what is currently needed to cover the current convertible debt.
This looks like a get rich quick plan for insiders only, when every pre-existing investor has been savaged, and many or most left without the means to take advantage of averaging down on the new shares -- shares that will be worth .0003 at best if the stock continues to trade proportionate to the dilution. Maybe less, because they will then do a R/S or some other self-serving tricks to get a free ride and fill their pockets at everyone else's expense. Then it will lose 90% of the post R/S value. They should be ashamed of what they have done to shareholders, but they just keep doing more and more of the same...
Also, how could they create these obligations to creditors when the increase in OS that those promises depended, on had never been approved by the shareholders?
Why don't they just pay the 5% interest on the loans and forget about the 25 times increase in OS?
If they have the nerve to even
Propose this outrage, they should at the very least have the decency to spell out in detail how this plan is supposed to increase share value - and spell it out exactly, outlining how they will cut their own salaries if they fail to timely reach benchmarks.
