it drives me crazy too poker face. Intuitively we think debt and interest on the debt is to be paid off outright in cash. But, what about the ability to convert $5.2m in debt to shares at .08 = 65 million shares? Is that simply wiped away by paying $5.2m in debt? 65m shares at .19 valuation is roughly $14m If L3 was paying some $400m then those shares would be worth $140m or so - PP wouldn't accept just $5.2 million for them.
So, I maybe was just flat our wrong in saying $33.4 m is left in cash since PP will have the ability to convert at least the .08 shares.
wish I hadn't bolded it now, as I am confused on the calcs.