"To have one year’s worth of cash burn plus enough money to redeem the LFB note, GTC would need to raise about $57M. Good luck with that!"
I think we can safely assume that GTCB never planned, and is not planning, on redeeming the LFB note. I think the plan is for LFB to convert its note into common shares at $3.1, and also exercise its rights for the warrants at $3.1 very soon, and become a majority shareholder of GTCB. This will provide GTCB with some cash, which I estimate to be about $7.2 Million as a cushion for the foreseable future...
I think we have to assume that Going forward LFB will be in the driver's seat and it remains to be seen whether that is bad or good for the stock. I am now of the opinion that the stock will benefit from this arrangement because anything is better than Cox running the show, and this is why I bought a small position in GTCB today...
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