"The lenders took the huge risk that they would lose it all." - Evidently, this is not the case, since "The Notes were collateralized by the proceeds from the sale of Haviland" i.e. secured.
Also, IDCC had licensing deals on the radar screen that produced licensing revenues of $28.7M in 1994 and a record $67.6M in 1995!
Accordingly, 1995 was a year of great capital gains for IDCC and those warrants and conversions into common stock became VERY VALUABLE indeed.
"let's look to the future and what it brings" - agreed.
"will be in Ireland on vacation" - enjoy!
MO,
Corp_Buyer