Friday, April 24, 2020 2:13:45 PM
I think there are noteholders and some retail who are scared of the note maturing today. I think those .16s were sitting at .20 something earlier and they are trying to get someone to bite.
I have gone through the last 10 years of filings with the previous ticker symbol. Larry Glenn has been an investor in med-careers for at least 10 years and has rarely converted any of his notes to shares.
On top of that there is a clause in his note that states he cannot convert to own more than 9.9% of the OS. So at most if he holds 0 shares today he can convert 56K shares.
He also has the interest rate set at 15% that he collects monthly. He has been collecting at least $75K a year in interest for several years. Why convert that cash cow?
The following is old but one of several instances where he agreed to interest payments monthly.
https://www.sec.gov/Archives/edgar/data/1438901/000116169718000271/form_10-k.htm
Historically all of his notes have been replaced with new ones and the maturity date extended. Iam assuming the same will happen to this one.
https://www.sec.gov/Archives/edgar/data/1438901/000116169718000525/form_10-k.htm
This is where he agreed at one point to not own more than 9.9% of the OS
https://www.sec.gov/Archives/edgar/data/1438901/000112178114000128/mci10k13114.htm
I don't know if this agreement is still in effect has been renewed or canceled, but Mr. Glenn has more than made his money back over the years in interest payments.
Hopefully a lot of questions will be answered once the financials are filed and the up list is complete if approved.
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