There is no toxic debt driving this - it's warrants. If they had just stuck to GLF, perhaps all would be well in PNTV-land, but, as you realize, they overstepped. It's so basic - get one thing right and then extend. I have been criticizing this idea for a long time. It's a bad idea in my view, but one for which the company doesn't have the resources in any event.
If you don't like my posts, don't read them. If you think only those who agree with you should post, then start your own message board. My conclusions are my opinion only, based on what I believe to be true. I have no crystal ball.