Sure, they could have extended and went further into debt and we could be saying 6 months from now, 'why didn't this idiot CEO at least swap 11 for 117 and preserve some capital. If they continued another six months at .32 it would have been 'pinkies not smart enough to preserve capital for investors when they could'.
Guess what?
This was the plan. It's the best they could do. I'm usually pretty rough on people if they screw up? They increased sales without 'advertising blitz' but margins were just not there. McGann did not price the 220 nor did Liscouski