i think the amount most lenders will go for in terms of the max funding is about 3.5X EBITDA, which is well beyond their current debt + whatever would be needed for the FT deal.
furthermore, when i spoke to robert chamberlain about financing he said they would not issue warrants again. he was emphatic on this point.
i find it charming how someone like littlefish, who states he has no interest whatsoever in this company, would spend so much of his evening enlightening us. i feel blessed.