That 25,000,000 shares that a few people are talking about in regards to the last note requiring those to be reserved is interesting, but I am not completely convinced this is the case.
If it is, it almost seems as if the noteholder is a friendly noteholder (perhaps Phils old employer Pennacle?) and the note was created specifically to provide ECIG a small emergency buffer. Perhaps if the price gets back to the .50 cent range in the next month ECIG could sell a few million of them and pay off the remaining 15% non negotiating Senior Notes.
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