Thanks Potse. Frank Jacobson agreed to have his shares locked up and I presume that they were reversed. If there is significant dilution due to conversion of this note, wouldn't that disadvantage his position (as well as ours) dramatically. If so, why would he have agreed to terms which allow it to happen?
What's your take on relevance of the strike price of the warrants stipulated as compensation for the attorney. A $10.00 strike price would seem to indicate an expectation that the pps would be at that level at some point. Guess I'm looking for some encouraging news here.
Potse, I don't think we have enough details to be sure of this. As I read it, the current OS of 120,000 could only be diluted by 12,000 (10%) by the two note holders.
I guess the missing detail is if the note holders can convert up to 4.99%, turn around and sell the shares, then come back and convert some more.
If that was the case, I would really have a hard time believing that the corporate counsel would accpet 2,000 warrants with a strike of $10 as compensation.
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