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Thursday, July 20, 2017 9:26:10 AM
Interesting take on the CEO's debt stake. That very well may have been a contingency aspect of his decision to invest in the company through the convertibles. However, it's worth remembering that, in addition to the ~1.3 million shares he could convert through the promissory note, he also owns ~1.4 million shares (or equivalent) based on the table of beneficial ownership and footnotes on page 22 of the recent preliminary proxy statement. I have to think that that provides significant motivation to strive for the best possible result. Plus, the bankruptcy process would delay progress quite a bit and cloud the prospects sufficiently that I think a reasonable person would strongly prefer to continue positive momentum rather than risk a backdoor play like taking over through bankruptcy. Completely my opinion there, but bankruptcy can obviously get messy and time consuming, which would not be an ideal result for anyone owning this company or its assets. In the end, good and interesting question that I admittedly hadn't explicitly considered, but I don't think that it'll keep me up tonight. Thoughts?
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