The $7.2m debt/equity swap news was for half of the October notes, the numbers matched with London Bay's note. VW Holdings also has a $7m October note, this could be what Munro was talking about as the other noteholder in discussions of restructuring. If that gets swapped, and when you include all the cash raised from dilution since the last quarterly report, ICLD doing a good job paying all of the debt... another rally to .05+ will take care of any remaining debt through dilution because 100s of millions of shares will be trading if we touch those price levels.