You know, someone over at RB got Pearlie's latest move exactly right. The business with the debenture is as if you borrowed $30,000 from your bank, promising to pay it back in six years (lol, with no interest). Then after two years you call up the bank and say: I don't feel like waiting. I'll pay you $3000 right now, and that'll close the transaction.
The debenture is debt, not equity. I seriously doubt the legality of this move.
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