On4 Communications Inc (ONCI)

[Toxic Avenger]

Hopefully it's obvious, but this is an attempt to let some of the toxic lenders convert their shares so they will "lend" the company more money.
As he's announcing "acquisitions of profitable companies", he owes $2.7 million in net debt and has a grand total of $7,500 "cash on hand" (and it's the only asset) to make an acquisition.

Not too many companies willing to take nothing but the hope of more toxic debt in exchange for ownership, and certainly none that are already profitable.