But while a waver might be possible, then how will they deal with the repayment of the debt? The entire deal is set up to repay the debt with shares. They don't have enough shares to convert all the debt at this point. That is why they have to keep doing R/Ss. If they don't convert the debt, the people who hold THE SECURED NOTES are going to be coming after the company for their money. At last count it was about $13MM outstanding.
So, how will they deal with the debt if they cannot issue shares? The only way they will agree to a waver would be to offer them a better deal. In the past three years each "better deal" screwed the people who held the shares at the time the deal was restructured.
It is like buying a car or a house. If you don't pay, you lose it.
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