What about the millions of dollars in fees to do these transactions when strapped for cash. And insiders can't sell until they actually buy of course excluding RS and CS. If they sold stock would plummet so their hands are tied. Just saying.
I know that handing out 3M in warrants at a 2.5 strike is a better deal for the lenders than the convertible notes being convertible at 36/sh.
But the fact is, the original convertible notes were convertible into 5.5M shares. Now, the remaining convertible notes are convertible into 2.5M shares, plus the 3M in warrants = 5.5M. So the debt restructuring did not increase the possible number of shares outstanding.