Although I agree with you on the whole, I think he is trying to learn from some of his mistakes. I do not think he’ll ever accept a convertible note ever again...thus the rights offering he conjured up once he realized what a debacle it was with St. George investments.
Certainly 40,000,000 shares priced at $0.05 for proceeds of $2,000,000are better than 100,000,000 shares converted for $100k or whatever the hell it was