Plandai Biotechnology Inc (PLPL)

[bri123]

Debts don't magically disappear when a company changes hands. For all we know, Tad will exchange his Proffered A for Preferred B shares and then convert later. Tad won't have voting interest in that case, but he won't care, because those shares are money in the bank for him.

Note holders don't go away either. The new buyer (if that goes through) will need to either negotiate the cancellation of the note by paying them off, or re-negotiate the terms of the note, since most notes are contingent upon some condition like time or share price.

Some note holders may not give up their common (restricted) shares for all we know (if the deal goes through) and $PLPL will still have debt.