You are incorrect. Let's review (my comments in italics, everything else is lifted from the Amerop letter):
Amerop will purchase $18 million of newly issued shares of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”) from the Company at a price of $1.96 per share, resulting in Amerop purchasing 9,183,675 shares of Company Common Stock. Amerop does not require a financing condition or contingency.
Amerop is buying stock, not Drexler's debt, and is prepared to do so on short notice, without waiting for a loan or other contingencies (making a pre Nov. 7 close entirely possible). Removal of this overhead prior to the payment deadline also largely removes (or at least delays)
the likelihood of foreclosure/bankruptcy
All of the proceeds of such purchase of Company Common Stock will be used to repurchase and retire immediately at closing the Notes and all rights related thereto.
All of Drexler's notes, his conversion rights, and his rights to continued interest payments will extinguish immediately.
Amerop will have the option to purchase from the Company up to an aggregate of 7 million additional shares of Company Common Stock at any time over the period of 18 months following the closing, at Amerop’s sole option, at a price equal to the 60-day volume weighted average on the business day prior to such option being exercised by Amerop. Such option may be exercised up to 7 times (in no less than 1 million share increments) during such applicable 18-month period. The proceeds resulting from Amerop exercising such option will further strengthen the Company’s balance sheet and will allow the Company to execute its growth initiatives.
While not a guarantee, Amerop at least shows interest in funding continued operations after retiring Drexler's debt
In addition to removing the excessive financial burden placed on the Company by the Notes, Amerop is proposing that the Company take the following initial steps to address the significant challenges that the Company is facing:
Follow the governance guidelines set forth in the Form of Corporate Governance Guidelines of the Company, adopted by the Board on May 8, 2015.
- self explanatory
Enter into an executive recruitment search for senior management with relevant industry experience who are capable of driving value for all stockholders of the Company.
- Get rid of Drexler and his syccophants
Establish a stable, long-term capital structure that will be conducive to increasing Company stockholder value and providing a path to long-term solvency.
put an end to "arms length" hard money loans
Provide transparency and future guidance to the market to bolster Company stockholder confidence and to provide accountability.
And that.
I get that this doesn't fit into the tinfoil hat narrative, and it is all speculative at this point. However, ignoring what is being proposed to further promote unfounded conspiracies is irresponsible.
