This "frittered away" term you use is despicable
It's called conversions, application of default penalties, penalty conversion term, private placements, and keeping the Company afloat
The suggestion you make, that Seth will use this $150,000 to buy back his own shares, is nothing short of reprehensible
Seth wanted to send a message, I believe, that the Company is financially strong enough to protect shareholders in multiple ways
To ascribe some ill intention on behalf of the CEO, to this event, is very wrong