Aqua Power Systems Inc (APSI)

[reader3]

I think you have it basically right, and that it may be even better than you think. I'm pretty sure the size of the 24.7million debt taken care of here corresponds to the purchase price of the company; if you read the lawsuit, they had reworked / replaced the original deal to pay cash quarterly over several years sometime last summer with a deal for shares / warrants. Then things went sideways in a number of ways, and the lawsuit happened. They are basically saying they still consider the debt to have been replaced by shares / warrants. So once the lawsuit is settled, and the share exchange takes place at the correct fair value (somewhere north of book value, probably, meaning most likely in the dollar range), then hopefully it will in one fell swoop take care of the debt, eliminate any need for future payments, remove the uncertainty about share structure, and put us on the path to the big boards. (Because, seriously, if you look at the financials, they qualify for Nasdaq based on several metrics save only the share price. It may take a while to get there still, but I do think that's the trajectory this company is on.)