Here's how I suspect it went down based on how I remember it.
1) PP got into a lot of trouble with not honoring redemptions so they called IMSC and asked for the $80 million.
2) IMSC, rather than getting new financing, countered by filing BK.
3) PP, realizing the jig was up, filed as well.
It seems to me, in that set of circumstances, the path to survival would be to find another lender. One willing to put up $100 million against a $117 million verified offer at a better rate of interest. At that point we pay off all creditors and have a few million left to operate with.
The caveat in all that is, can an IMSC paying a reasonable interest rate at last, sell enough goods and services over the next two years to operate ,if not at a profit, at least without drawing down the last few million they have. If they can't figure out how to break even with lower interest rates and no debt ,this company is toast.
Management taking large reductions in salary, to be replaced by options could help. Reducing staff could help. We could sure use involvement of a turnaround specialist.
