I cant see them using 4b here anymore. Maybe 6 months ago that would have coverred the debt but not today. This will be a minimum of 5b and could end up more like 7 or 8 depending on how much ole hind teat Quirk has sucked up this quarter in convertible debt.
For all we know he may have borrowed another 5 billion shares worth. The last notes are between 45 and 55% discount to market.
Even at 45%, it will only take a note of $45,000 to take in another 1 billion shares when converted. I think the death spiral has commenced here and as I keep saying. the only way the shareholders will ever get the attention of the CEO is to stop buying the stock. With no bid and over $900k in convertible notes its going to become obvious really quickly that something will have to be done to get investors interested again. Til then stay off the bid and let the gatekeepers figure out what they will do to make the shareholders happy.
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