Maybe so but unless his plan is to wipe out debt and then wipe out shareholders with R/S, or he has some brilliant trick up his sleeve, I'm starting to seriously doubt his competency. He re-negotiated the previous convertible with a replacement convertible that basically immediately gave tangiers the keys to the vault at even more absurd terms with bigger discounts and then failed to file(not even an NT, which may or may not have affected the conversion rate for the worse). And as it stands, even under the best of circumstances, without A/S increase there are not enough shares to pay the remainder of the debt at .00027(low of .0007), let alone .00013. Which is where this is rapidly headed in just a couple weeks at the rate Tangiers is converting.
The moronic part is, Tangiers has has already covered all debt with accrued interest + $20-50 grand, and still have $100Gs left on the books as debt. And if they would just secure their next tranche of shares, shut off their computer for a couple months and let this breath up to a few cents, instead of just a half a mil extra by keeping the suppression pressure on with this nickel and dime $hit, they could slowly bank several million dollars while they bleed out at a much higher conversion rate, without running the share structure into the ground.
The only upside(assuming he doesn't R/S us) here, is most is held by long holders, but even at that, long time holders are going to want to sell a decent nut into a significant price increase.
