Yes, AC had set a bar date back in Q4 2020 to settle prior HPIL outstanding debts. Since the old HPIL had no cash, creditors would have been paid with convertible notes. On the cc, SB had commented that HPIL was nearly debt free, just 1 left as a result of an old lawsuit if I remember correctly, and he was trying to negotiate that down. SB was later pretty straightforward about the OS when he commented he thought conversions could take it as high as 15B.
Bottom line is, HPILs old debts were satified by ACs note payments to the creditors so SBs comment of nearly debt free was truthful. Right or wrong, I think he might have been blindsided at first by the impact of the conversions on the OS.
But as long as revenue monsters are being built under this SS the OS size really doesnt matter to me. This is not a 1 business "Joes Tackle Shop". It is a holding company with 5 different divisions so it is deserving of a larger SS than other single businesses.
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