I think I have heard the same rumors as well. I was told shoes would be in stores by September. I was led to believe it was September 2010, but actually am now convinced it will be 2011.
As far as the convertible debt goes, according to AVTI's SEC filings which have only been studied by a minute number of people; one note in particular was to mature December 31 2010. It's pretty apparent there wasn't enough volume to sell any converted shares, so it's safe to assume that note went into default. If that is the case, new notes would have been executed which would include the default penalties.
There is another note due at the end of February which was executed to make an interest on the previously defaulted note.
Who knows what will happen now that Gelmon filed that Form 15, which allows the company to operate in an even darker zone. I didn't expect AVTI to hold up this well today, and if it weren't for the risk of suspension, I'd say it would be a good trade.
If there really are 1760 pairs of shoes, it's a shame they are burning up more money being stored in a warehouse. I wonder why no stores will take them.
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