From dnd's Q&A with Joe from a few weeks ago:
Q You recently announced you have reached a restructure agreement with the major debt holders. With this restructure in place, can all your goals be accomplished without raising authorized share amounts or reverse split?
A We have reached an agreement in principle with our major debt holder, NIR and the details of that agreement need to be solidified and then voted on by shareholders. Nothing is going to be implemented without the expressed approval of our shareholder group. That being said, it is not our intention to implement a plan that will result in dilution for our shareholders. We are acutely cognizant of the negative vote of our shareholder group when a reverse split was proposed last year. Nothing in any of the press releases issued by our company makes mention of a reverse split or increase in authorized shares.
It sounds to me like he's more aware of the shareholders and their concerns than he has been in the past. I don't know if he and the board can take control of the company without approval of the shareholders, but I doubt it. I guess it comes down to "Do you trust him or not?" Just seeing an acknowledgement of the shareholders' concerns shows me that something is different from last year. I don't worry about dilution, because I don't think the shareholders would vote for anything that results in that, and I think he knows it.
