As I remember the meeting, they honestly stated that the debt problem is significant and that the lack of cash (which is being soaked up by the debt) is interfering with their ability to run the business. They also honestly reported that Hogan/Taylor is going to carefully review the Library Valuation, which to me implies that HT questions whether it is an accurate reflection of the Library’s value.
Since the debt is so serious for this tiny company (interfering with their ability to run the business) and since by far the greatest part of equity is the Library Valuation (which is questionable) I think this debt/equity measurement is not very meaningful.
An important take-away from the meeting is that they seem to be trying to present things truthfully. Let’s not ignore what they say.
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