This is the basis of his argument in that he is excluding all the Bullshit Fraud that took place while Allied Nevada defrauded everyone and went into a phony Bankruptcy and so he is zeroing in on the Warrant Agreement of 2015 and that It does not extend into the Capital Structure of HYMC - (Mudrick's $200 Million Dollar Investment).
The Warrant Agreement, however, does not extend into the capital structure of HYMC, nor does the adjustment of the Warrant Holders’ rights depend upon the capital structure of HYMC. Rather, the required adjustment of the Warrant Holders’ rights is based solely upon the consideration that is received by Seller’s stockholders in any Fundamental Change. As Section 5.1(d) also states: "the Holder of each Warrant outstanding immediately prior to the occurrence of such Fundamental Change will have the right upon subsequent exercise (and payment of the applicable Exercise Price) to receive . . . the kind and amount (subject to the proviso of this sentence [set forth above]) of stock . . . that such Holder would have received if such Warrant had been exercised pursuant to the terms hereof immediately prior thereto.” Accordingly, as Seller's stockholders did not receive any form of anti-dilution protection with regard to HYMC's capital structure, neither are the Warrant Holders entitled to anti-dilution protection with regard to such Warrants; but are placed in a position as “equivalent as practicable” with respect to the per Warrant share number and exercise price as if such Warrants had been exercised immediately prior to the Fundamental Change.