I'm new to IH so this is my last message (#3) for today.
It doesn't say explicitly but if you read the 13G and compare it to the last 13G/A filed February 14, you will see the numbers are consistent with what you would expect given price changes and the addition to the debt of interest payment(s). If you compare earlier 13G's, you will notice those numbers change similarly reflecting the declining stock price, and increases in the number of shares outstanding. Also, Dr. Shiong's 13G refers to the "notes" not a new "note".
Finally, from the last 10K:
"Pursuant to the July 2007, March 2008 and July 2008 senior secured convertible note financings, we granted the investors a security interest in all of our assets. We have not paid these lenders in cash. All reductions in our debt have been the result of conversions of debt into shares of our common stock. Currently, we do not have the cash flow to repay any of the notes and as the 2006, 2007 and 2008 notes have all matured, the lenders could demand repayment in full for all of the before mentioned notes. Until now the lenders have not demanded repayment of the notes. At any time, however, the lenders could do so and force us into default. They could then take all remedies available to them, including conversion of the notes into a very large number of shares of our common stock and/or foreclosing on all of our assets, both tangible and intangible, leaving us with no assets."
Any new investment would be completely unsecured. I don't think Dr. Shiong is stupid.
Last post for today. We can continue the discussion tomorrow, or at least I can. I imagine you can continue posting. I can continue reading. Have a great day!
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