Don't forget that even if it's the noteholders who have the option to demand their money and then take legal action, they also have the option to simply roll the notes over as is common in the U.S. financial system as bankruptcy is complicated and can take years.
If the noteholder is willing to roll them over into new notes (i.e. extend), that's not information that would be in a financial statement because it's a decision a noteholder would have to make, and not up to the company issuing the financial statements. So the issuing company (i.e. WDDD) could NOT say "we plan to roll the notes over" if it's not up to them. But it could easily happen at the discretion of the note holders to avoid bankruptcy.
Obvious stuff yet quite literally hundreds of thousands of words have been wasted on this topic.
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