Replies to post #1168 on Crypto Company (CRCW)

[1manband]

The new loan is WORSE. They took out a NEW toxic convertible loan, at TERRIBLE terms, to pay off the old ones.

They took out a $500,000 convertible loan but only received $425,000 right off the top. Yeah, that is something to cheer about. The lender immediately gets to keep 15% of the loan PLUS the huge interest rate after the Company defaults (which is almost guaranteed), AND the toxic conversion terms.

This is not a good deal in any sense.