Sphere 3D Corp. (ANY)

[My401K]

Okay, so anyway, back on subject:

From the filing, "(i) the maturity date of the loans owing to Colbeck under the Credit Agreement was extended from June 29, 2018 to July 13, 2018, (ii) the interest rate applicable to the obligations under the Credit Agreement are to begin accruing at the default rate under the Credit Agreement as of June 29, 2018 regardless of whether a default exists under the Credit Agreement, and (iii) an amendment fee in the amount of 2% of the aggregate amount of the obligations outstanding under the Credit Agreement as of the maturity date will be charged in the event that the loan parties have not either entered into an amended and restated Credit Agreement or undertaken a restructuring on terms acceptable to Lender by the maturity date."

It looks like Colbeck is beginning to assert control. Note that they aren't demanding immediate cash, as the once-seemingly-bottomless dilution well has probably run dry. This does leave us to wonder, however, how they intend to make payroll. We could start a pool on how many two-week-at-a-time times the can can or will get kicked down the road.

Colbeck's paper is between Overland and Tandberg as co-borrowers, whereas CCP's Spanish affiliate bank's loan is to the parent, Sphere 3D. Any speculation as to who is in and who is out in an "acceptable restructuring"?