It's not news to get excited over either. All things considered, it is bad news despite how much people want it to mean something good. The AS reduction is just a stunt because note holders were converting despite agreements that involve cash payments from Schadel. More than one note holder is converting, so what does that tell you? Schadel is behind on payments with at least a few note holders and now has nullified all agreements with this AS reduction because part of every agreement is a reserve requirement to conversions. With 7.41B OS and now 8B AS with $3 million in late toxic obligations there is effectively no reserve. It's a nuclear option that will only lead to self destruction. RS and/or BK on the way.
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