BNCCORP, Inc. (BNCC)

[investorone]

The only thing that really concerns me is this statement from the press release:

We continue to defer interest and dividend payments on our $23 million of subordinated debt and $21 million of preferred stock issued under the TARP program. Additionally, we are concerned about the appropriateness of maintaining this amount of leverage in the current environment and will continue to evaluate prudent alternatives.

What do you think the first sentence means? And then in the second sentence are they telegraphing that they are they going to do another offering?