A more realistic scenario is the DGF told GC they needed the convertible language for downside protection, and would be happy to add in the NASDAQ language for AMBS upside benefit, and Gerald took their word for it on a handshake and they boned us. Foolish, naive. No evidence of corruption. At that point, Gerald had to take on literally anybody to get out of Discover, and Magna's prior relationship with him was best option. But we'll never know, win or lose.
JP, 10x is predicated on a deal as priorly outlined that removes the weight of default, and therefore removes the immediate default pricing. Evidence continues to mount that a deal will be made. Terms will dictate the upside, but there will be significant upside typical for an extremely oversold company, many of whom's holders have way, way, way higher average buy prices.
Updates coming in "near future."
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