My assessment of that situation is that it has taken them longer than expected to orchestrate the conversion of these notes, which pushes everything else back. Of course there is more going on than we can see. The issue is whether the delay is intentional or not... my impression is that it's not.
If they were trying to pump this so they could unload shares, they would have been playing up the anticipation alot more (instead of holding the share price low artificially for 6 months)... I take optimism from the CEO to be just that. Optimism. He never gave any solid dates, just indications of 'soon'. It sure as hell has been frustrating, but as far as I can see, these allegations of being lied-to are pretty ridiculous, he's been quite vague... which is what I'd expect from a CEO who is waiting for his ducks to be aligned.
If this was a shell-game, it's been in the works for nearly a decade and they've gone to alot of trouble for just a few hundred K from shareholders. That doesn't add up, to me.
