Something worth bringing up here:
Some of the debt being questioned looms very important now because of the potential for very damaging conversion. What this means is that so long as those debts remain viable, the note holders are free to convert their loaned dollars into common shares, usually at hugely discounted rates of exchange. The effect would be to severely damage all of us due to dilution.
We know the float is currently 23,000,000 shares. What if the terms of conversion were such that the float tacked on another five or six millions of shares? Or more? Even if just 5 million were added, we'd see a 20%+ decrease in our float's value.
Mr. Burckhardt certainly knows this stuff better than I and I believe his action was initiated so as to nip this potential "death spiral" in the bud. These situations derive from desperate managers and do not result from wisely considered options---except when it's apparent there's no hope in saving a sinking ship.
And now you know what I think of Larson Elmore, former leader of the ship.
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