"The convertible debt of $585k mentioned in the 14 C is only the principal amount of the debt. There is likely an equal amount of interest accrued but not paid which also factors into the conversion. If you go back to the 2015 SEC filings you can see that the derivative value of the debt was 40% greater than the face value."
Yes and those toxic notes from loan sharks like Fife carry steep default penalties which 'compound' quarterly just like the interest does...my guess is they haven't even touched the principle of any notes. The 14c implies that the original notes are still there.
The "we believe" in the 14c also implies that Fife has not agreed to the deal yet IMO?
ECOS is BK and may not survive. I can't imagine MS can get conventional funding to take out the toxic notes??
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