Well, when they get the preferred, they can convert part of the shares in 180 day or so, and pay the debt. That is one possibility.
Or they can continue to stiff Holtzbrick like they did for several years.
Or, they can sell part of the preferred to Holtzbrick in June.
In June 2017 the pps could be at 0.10 or maybe 0.30.
Is a good deal for the sellers no matter how you look at that.
They have no better option.
See you in Tuesday, my son.