I agree with a lot you say, Buzz.
I don't think it is reasonable to expect a re-fi by the next CC. This is the first quarter where they can prove they are for real and demonstrate they have a revenue stream to support further investment. Roger may be having the conversations, but until IMSC proves their mettle why would anyone commit?
The obvious re-fi deadline is March 31, 2016. Between now and then I'm OK with a position that says spending money on R&D to make the company sexier is probably of more value towards obtaining new money than paying off a small slice of the debt.
I don't think they are taking about the E when they discuss R&D investment. Any product set to be introduced within a year is pretty much out of R&D and into product engineering.
They have some stones handing out raises and bonuses right now. Which may be the single most bullish sign we've seen lately, because the only sane reason to do it is to lock in higher pay scales before someone else is in control.
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