Saturday, March 31, 2007 1:34:09 PM
"...The aggregate outstanding principal amount of the remaining convertible notes is $4,497,344 as of the date hereof, including the outstanding notes issued in 2005 and 2006. We believe without assurance that the investment group will continue to convert the rest of the notes to stock. However, the rate of conversion has become negligible as a result of the decrease in our stock price, to which the rate of conversion is tied. All of the remaining debt may not be converted when the remaining convertible notes begin to come due in the first quarter of 2007. We intend to refinance, extend or otherwise restructure this debt before it becomes due. In the event we are unable to do so, we may have to file for protection under the federal bankruptcy laws and we may be unable to continue in operation as a going concern..."
You think that BANY is responsible for interest ONLY from this statement?? The "notes" are DUE NOW!!
NOW do you see how ~3 BILLION! shares can flood the market...based on a CONVERSION price of .00054...TOXIC!
I agree w/ a poster's(I forgot who) comment...the RESTRUCTURING of the debt was a 100X! more important than some "measly" bump in revenue PR.
Take your CHANCES....GLTY!
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